Exercise 1-7 (Algo) Prepare a statement of stockholders' equity (LO1-3) At the beginning of the year (January 1), Wild Horses Drilling has $12,000 of common stock outstanding and retained earnings of $6,500. During the year, Wild Horses reports net income of $6,800 and pays dividends of $1,500. In addition, Wild Horses issues additional common stock for $6,300. Required: Prepare the statement of stockholders' equity at the end of the year (December 31). Beginning balance WILD HORSES DRILLING Statement of Stockholders' Equity For the Year Ended December 31 Common Stock Retained Earnings Total Stockholders' Equity Ending balance $ 0 $ 0 $ 0