Island Company provides the following information at the end of $2024.$

Cash remaining $$4,600$

Rent expense for the year $6,800$

Land that has been purchased $19,000$

Retained earnings $12,200$

Utility expense for the year $4,700$

Accounts receivable from customers $7,000$

Service revenue recognized during the year $36,000$

Salary expense for the year $13,100$

Accounts payable to suppliers $2,100$

Dividends paid to shareholders during the year $3,000$

Common stock that has been issued prior to $202414,000$

Salaries owed at the end of the year $2,300$

Insurance expense for the year $3,300$

Retained earnings at the beginning of the year $7,100$

No common stock is issued during $2024.$

Required:

Prepare the balance sheet for Island Company on December $31,2024.$