During the year ended March 1, 2049, 5400 of additional common stock was issued Paoli Consulting End-of-Period Spreadsheet For the Year Ended March 31, 2019 Unadjusted Adjusted Trial Balance Adjustments Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. 10,840 10,840 Cash Accounts Receivable Supplies 25,820 25,820 2,740 2,300 440 Land 22,210 22,210 20,910 20,910 1,370 2,870 6,970 4,240 6,970 Building Accumulated Depreciation Accounts Payable Salaries Payable Common Stock Retained Earnings Dividends 340 340 8,700 17,640 8,700 17,640 3,360 3,360 Fees Earned 71,390 71,390 19,620 340 19,960 Salary Expense Supplies Expense Depreciation Expense 2,300 2,300 1,370 Miscellaneous Expense 2,070 107,570 1,370 2,070 109,280 107,570 4,010 4,010 109,280 Based on the preceding spreadsheet, prepare an income statement for Paoli Consulting. Paoli Consulting Income Statement For the Year Ended March 31, 2019 Fees earned 71,390 19,960 Expenses: Salary expense Supplies expense Depreciation expense 2,300 1,370 Miscellaneous expense 2,070 Total expenses 97,090 X Net income 1,200 X Paoli Consulting Statement of Stockholders' Equity For the Year Ended March 31, 2019 Common Stock Retained Earnings $ 19,230 X Total Balances, April 1, 20Y8 5,800 x Issued common stock 25,030 x 3,700 X 3,700 X Net income 49,290 X 49,290 x Dividends -3,660 X -3,660 X Balances, March 31, 2049 9,500X 64,860 X 74,360 X Cash 10,840 Accounts receivable 25,820 440 Supplies Total current assets Property, plant, and equipment: Land 37,100 22,210 Building 20.910 Accumulated depreciation 4,240 Book value-Building 10,260 X Total property, plant, and equipment 38,880 Total assets 75,980 Liabilities Current liabilities: Accounts payable 6,970 Salaries payable 340 Total liabilities 7,310 Stockholders' Equity Common stock 8,700 Retained earnings 59,970 Total stockholders' equity 68,670 Total liabilities and stockholders' equity 75,980