Exam 1 Calculator Instructions Labels and Amount Descriptions Statement of Stockholders' Equity Instructions Labels and Amount Descriptions The assets and liabilities of Thompson Computer Services at March 31, the end of the current year, and its revenue and expenses for the year are listed below. The common stock was $120,000 and the retained earnings were $60,000 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $25,000 in stock. Labels Expenses Accounts Amount Amount $2,000 Accounts Miscellaneous expense Accounts payable $1,030 1,240 For the Month Ended March 31 For the Year Ended March 31 March 31 Accounts receivable Cash 10,340 21,420 73,450 1,670 Amount Descriptions Office expense Supplies Wages expense Dividends Fees earned 23,550 16,570 Balances, April 1 Balances, March 31 Land 47,000 Building 157,630 Dividends Issued common stock Required: Net income Prepare a statement of stockholder's equity for the current year ended March 31. Be sure to complete the statement heading. Refer to the lists of Net loss Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. If a net loss is incurred or there is a decrease in stockholders' equity, enter that amount as a negative number using a minus sign. Entries of 0 (zero) are not required and will be cleared if Retained earnings Total expenses Total assets Statement of Stockholders' Equity Total liabilities and stockholders' For the Year Ended March 31 equity Common Stock Retained Earnings Total