Exercise 1-7 (Algo) Prepare a statement of stockholders' equity (LO1-3) At the beginning of the year (January 1). Wildfire Drilling has $12.000 of common stock outstanding and retained earnings of $7,400 During the year, Wildfire reports net income of $7,700 and pays dividends of $2,400. In addition, Wildfire issues additional common stock for $7,200 Required: Prepare the statement of stockholders' equity at the end of the year (December 31)