Exercise 1-11 (Algo) Link the statement of stockholders' equity to the balance sheet (LO1-3) At the beginning of 2024, Norton Academy reported a balance in common stock of $153,000 and a balance in retained earnings of $53,000. During the year, the company issued additional shares of stock for $43,000, earned net income of $33,000, and paid dividends of $10,300. In addition, the company reported balances for the following assets and liabilities on December 31. Cash Supplies Prepaid rent Land Assets $52,900 11,200 25,500 215,000 Required: 1. Prepare a statement of stockholders' equity. 2. Prepare a balance sheet. Liabilities Accounts payable Utilities payable Salaries payable Notes payable $8,100 3,000 3,800 18,000

Exercise 1-11 (Algo) Link the statement of stockholders' equity to the balance sheet (LO1-3) At the beginning of 2024, Norton Academy reported a balance in common stock of $153.000 and a balance in retained earnings of $53,000. During the year, the company issued additional shares of stock for $43,000, earned net income of $33,000, and paid dividends of $10,300. In addition, the company reported balances for the following assets and llabilities on December 31. Required: 1. Prepare a statement of stockholders' equity. 2. Prepare a balance sheet