On January 1, 2024, Red Flash Photography had the following balances: Cash, $14,000; Supplies, $8,200; Land, $62,000; Deferred Revenue, $5,200; Common Stock $52,000; and Retained Earnings, $27,000. During 2024, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $22,000. 2. May 20 3. August 31 Provide services to customers for cash, $37,000, and on account, $32,000. Pay salaries to employees for work in 2024, $25,000. 4. October 1 Purchase rental space for one year, $14,000. 5. November 17 Purchase supplies on account, $24,000. 6. December 30 Pay dividends, $2,200. The following information is available on December 31, 2024: 1. Employees are owed an additional $4,200 in salaries. 2. Three months of the rental space have expired. 3. Supplies of $5,200 remain on hand. All other supplies have been used. 4. All of the services associated with the beginning deferred revenue have been performed.