Exercise 1-11A Link the statement of stockholders' equity to the balance sheet (LO1-3)

At the beginning of 2021, Artichoke Academy reported a balance in common stock of $157,000 and a balance in retained earnings of $57,000. During the year, the company issued additional shares of stock for $47,000, earned net income of $37,000, and paid dividends of $10,700. In addition, the company reported balances for the following assets and liabilities on December 31.

AssetsLiabilitiesCash$53,300Accounts payable$10,100Supplies11,600Utilities payable3,800Prepaid rent27,500Salaries payable4,200Land235,000Notes payable22,000

Required:

1. Prepare a statement of stockholders' equity.
2. Prepare a balance sheet.