Item2 1 points eBookPrintReferencesCheck my workCheck My Work button is now enabled2Item 2 At the beginning of 2024, Ellingham Academy reported a balance in common stock of $161,000 and a balance in retained earnings of $61,000. During the year, the company issued additional shares of stock for $51,000, earned net income of $41,000, and paid dividends of $11,100. In addition, the company reported balances for the following assets and liabilities on December 31. Assets Liabilities Cash $53,700 Accounts payable $12,100 Supplies 12,000 Utilities payable 4,600 Prepaid rent 29,500 Salaries payable 4,600 Land 255,000 Notes payable 26,000 Required: Prepare a statement of stockholders equity. Prepare a balance sheet