On January $1,2024,$ Red Flash Photography had the following balances: Cash, $$30,000$; Supplies, $$9,800$; Land, $$78,000$; Deferred Revenue, $$6,800$; Common Stock $$68,000$; and Retained Earnings, $$43,000.$ During $2024,$ the company had the following transactions:

February $15$ Issue additional shares of common stock, $$38,000.$

May $20$ Provide services to customers for cash, $$53,000,$ and on account, $$48,000.$

August $31$ Pay salaries to employees for work in $2024,$$$41,000.$

October $1$ Purchase rental space for one year, $$30,000.$

November $17$ Purchase supplies on account, $$40,000.$

December $30$ Pay dividends, $$3,800.$

The following information is available on December $31,2024$:

Employees are owed an additional $$5,800$ in salaries.

Three months of the rental space have expired.

Supplies of $$6,800$ remain on hand. All other supplies have been used.

All of the services associated with the beginning deferred revenue have been performed.

Exercise $3-20($Algo$)$ Part $4$

$4.$ Prepare an income statement, statement of stockholders' equity, and classified balance sheet.