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 $7,700 and pays dividends of $2,400. In addition, Buffalo issues additional common stock for $7,200 Required: Prepare the statement of stockholders' equlty at the end of the year (December 31). BUFFALO DRILLING Statement of Stockholders' Equity For the Year Ended December 31 Beginning balance Issuance of common stock Add: Net Income Less: Dividends Ending balance Total Common Block Retained Earnings Stockholders Equity $ 12.000 $ 7.400 $ 19400 0 7,700 7.700 0 (2.400) (2.400) 7,200 0 7.200 $ 19.200 $ 12.700 s 31,900