At the beginning of 2024, Glasson Academy reported a balance in common stock of $160,000 and a balance in retained earnings of $60,000. During the year, the company issued additional shares of stock for $50,000, earned net income of $40,000, and paid dividends of $11,000. In addition, the company reported balances for the following assets and liabilities on December 31. Assets Cash Supplies Prepaid rent Land Required: Liabilities $ 53,600 Accounts payable 11,900 Utilities payable 29,000 250,000 Salaries payable Notes payable 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 balance sheet. GLASSON ACADEMY $ 11,600 4,400 4,500 25,000 Balance Sheet December 31, 2024 Liabilities $ 11,600 Assets Cash $ 53,600 Accounts payable