At the beginning of 2024, Ellingham Academy reported a balance in common stock of $152,000 and a balance in retained earnings of $52,000. During the year, the company issued additional shares of stock for $42,000, earned net income of $32,000, and paid dividends of $10,200. In addition, the company reported balances for the following assets and liabilities on December 31. Cash Supplies Prepaid rent Land Assets Liabilities $52,800 11,100 Accounts payable Utilities payable 25,000 Salaries payable 210,000 Notes payable Required: 1. Prepare a statement of stockholders' equity. 2. Prepare a balance sheet. Complete this question by entering your answers in the tabs below. Stmt of Stockholders Balance Sheet Equity Prepare a statement of stockholders' equity. ELLINGHAM ACADEMY Statement of Stockholders' Equity For the Year Ended December 31, 2024 Beginning Balance Common Stock Retained Earnings Total Stockholders' Equity Ending Balance $ 0 $ 0 $ $7,600 2,500 3,700 17,000 D