On January 1, 2021, Red Flash Photography had the following balances: Cash, $16,000; Supplies, $8,400; Land, $64,000; Deferred Revenue, $5,400; Common Stock $54,000; and Retained Earnings, $29,000. During 2021, the company had the following transactions:

1.		February		15		Issue additional shares of common stock, $24,000.
2.		May		20		Provide services to customers for cash, $39,000, and on account, $34,000.
3.		August		31		Pay salaries to employees for work in 2021, $27,000.
4.		October		1		Paid for one year's rent in advance, $16,000.
5.		November		17		Purchase supplies on account, $26,000.
6.		December		30		Pay dividends, $2,400.

The following information is available on December 31, 2021:

1. Employees are owed an additional $4,400 in salaries.
2. Three months of the rental space has expired.
3. Supplies of $5,400 remain on hand.
4. All of the services associated with the beginning deferred revenue have been performed.

No	Date	Account Title	Debit	Credit
1	Feb 15	Cash	24,000
		Common Stock		24,000
2	May 20	Cash	39,000
		Accounts Receivable	34,000
		Deferred Revenue		73,000
3	Aug 31	Salaries Expense	27,000
		Cash		27,000
4	Oct 01	Prepaid Rent	16,000
		Cash		16,000
5	Nov 17	Supplies	26,000
		Accounts Payable		26,000
6	Dec 30	Dividends	2,400
		Cash		2,400
7	Dec 31	Salaries Expense	4,400
		Salaries Payable		4,400
8	Dec 31	Rent Expense	4,000
		Prepaid Rent		4,000
9	Dec 31	Supplies Expense	29,900
				29,900
10	Dec 31	Deferred Revenue	5,400
		Service Revenue		5,400
11	Dec 31	Interest Revenue	78,400
		Income Taxes Payable		78,400
12	Dec 31	Income Tax Expense	65,300
		Salaries Expense		31,400
		Rent Expense		4,000
		Supplies Expense		29,900
13	Dec 31	Income Taxes Payable	2,400
		Dividends		2,400

RED FLASH PHOTOGRAPHY Income Statement For the year ended December 31, 2021 Revenues: Service Revenue $ 5,400 Total Revenue 5,400 0 Expenses: Salaries Expense Supplies Expense Rent Expense 0 0 0 Total Expenses ElNet Income $ 5,400 RED FLASH PHOTOGRAPHY Statement of Stockholders' Equity For the Period Ended December 31, 2021 Common Stock Retained Earnings Total Stockholders' Equity $ 0 0 5,400 5,400 0 $ 0 $ 5,400 $ 5,400 RED FLASH PHOTOGRAPHY Balance Sheet As of December 31, 2021 Assets Liabilities Current Assets: Current Liabilities: $ 0 $ Oo o 0 0 0 0 Total Current Liabilities 0 oo 0 Total Current Assets 0 Total Liabilites 0 Long-term Assets: Stockholder's Equity 0 0 0 0 Total Stockholders' Equity Total Liabilities & Stockholders' Equity Total Assets $ 0 $ 0