Chapter 3 Homework ! 14 1 Required information Saved [The following information applies to the questions displayed below.] Part 4 of 5 Skipped eBook Print On January 1, 2024, Red Flash Photography had the following balances: Cash, $29,000; Supplies, $9,700; Land, $77,000; Deferred Revenue, $6,700; Common Stock $67,000; and Retained Earnings, $42,000. During 2024, the company had the following transactions: 1. February 15 2. May 20 3. August 31 4. October 1 5. November 17 6. December 30 Issue additional shares of common stock, $37,000. Provide services to customers for cash, $52,000, and on account, $47,000. Pay salaries to employees for work in 2024, $40,000. Purchase rental space for one year, $29,000. Purchase supplies on account, $39,000. Pay dividends, $3,700. The following information is available on December 31, 2024: 1. Employees are owed an additional $5,700 in salaries. 2. Three months of the rental space have expired. 3. Supplies of $6,700 remain on hand. All other supplies have been used. 4. All of the services associated with the beginning deferred revenue have been performed. 4. Prepare an income statement, statement of stockholders' equity, and classified balance sheet. Complete this question by entering your answers in the tabs below. Stmt of Income Statement Stockholders Balance Sheet Equity Prepare an income statement. RED FLASH PHOTOGRAPHY Help Save & Exit Submit