At the beginning of the year (January 1), Buffalo Drilling has $12,000 of common stock outstanding and retained earnings of $7,700. During the year, Buffalo reports net income of $8,000 and pays dividends of $2,700. In addition, Buffalo issues additional common stock for $7,500. Required: Prepare the statement of stockholders' equity at the end of the year (December 31). ed BUFFALO DRILLING Statement of Stockholders' Equity For the Year Ended December 31 Total Common Stock Retained Stockholders Earnings Beginning balance Ending balance