At the beginning of 2024, Norton Academy reported a balance in common stock of $168,000 and a balance in retained earnings of $68,000. During the year, the company issued additional shares of stock for $58,000, earned net income of $48,000, and paid dividends of $11,800. In addition, the company reported balances for the following assets and liabilities on December 31.

AssetsLiabilitiesCash$54,400Accounts payable$15,600Supplies12,700Utilities payable6,000Prepaid rent33,000Salaries payable5,300Land290,000Notes payable33,000

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 Equity
• Balance Sheet

Prepare a balance sheet.

NORTON ACADEMYBalance SheetDecember 31, 2024AssetsLiabilitiesTotal Liabilities0Stockholders EquityTotal Stockholders Equity0Total Assets$0Total Liabilities and Stockholders Equity$0