At the beginning of 2024, Ellingham Academy reported a balance in common stock of $170,000 and a balance in retained earnings of $70,000. During the year, the company issued additional shares of stock for $60,000, earned net income of $50,000, and paid dividends of $12,000. In addition, the company reported balances for the following assets and liabilities on December 31. Assets Liabilities Cash $54,600 Accounts payable $16,600 Supplies 12,900 Utilities payable 6,400 Prepaid rent 34,000 Salaries payable 5,500 Land 300,000 Notes payable 35,000 Required: Prepare a statement of stockholders' equity. Prepare a balance sheet.