At the beginning of the year (January 1). Buffalo Drilling has $12,000 of common stock outstanding and retained earnings of $7,400 During the year, Buffalo reports net income of $7700 and pays dividends of $2,400. In addition, Buffalo issues additional common stock for $7,200 Required: Prepare the statement of stockholders' equity at the end of the year (December 31) Answer is not complete. BUFFALO DRILLING Statement of Stockholders'Eqully For the Year Ended December 31 Common Retained Stock Earnings Total Stockholders Equity $ 12.000 7400 19,400 7,700 7.700 Beginning balance Issuance of common stock Add: Net income Los Dividends Ending balance O (2,400) 7.200 19.200 2400) 7.200 31,900 $ 12.700$