Balance Sheet The account balances of Paradise Travel Service for the year ended May 31, 2016, follow: Fees earned $723,530 Office expense 166,410 Miscellaneous expense 14,470 Wages expense 347,295 Accounts payable 18,090 Accounts receivable 50,650 Cash 224,615 Common stock 135,000 Land 232,000 Supplies 8,680 Cash dividends of $27,500 were paid during the year. Retained earnings as of June 1, 2045, were $195,000. I Prepare the balance sheet as of May 31, 2016. When entering assets, enter them in order of liquidity. Paradise Travel Service Balance Sheet May 31, 2016 Assets Cash 224,615 Accounts receivable 50,650 Supplies 8,680 Prepare the balance sheet as of May 31, 20Y6. When entering assets, enter them in order of liquidity. Paradise Travel Service Balance Sheet May 31, 2016 Assets Cash 224,615 Accounts receivable 50,650 Supplies 8,680 Land 232,000 Total assets 515,945 Labilities Accounts payable 18,090 Stockholders' Equity Common stock 135,000 Retained earnings Total stockholders' equity Total liabilities and stockholders' equity