On January 1, 2024, Red Flash Photography had the following balances: Cash, $22,000; Supplies, $9,000; Land, $70,000; Deferred Revenue, $6,000; Common Stock $60,000; and Retained Earnings, $35,000. During 2024, the company had the following transactions:

February 15Issue additional shares of common stock, $30,000.May 20Provide services to customers for cash, $45,000, and on account, $40,000.August 31Pay salaries to employees for work in 2024, $33,000.October 1Purchase rental space for one year, $22,000.November 17Purchase supplies on account, $32,000.December 30Pay dividends, $3,000.

The following information is available on December 31, 2024:

1. Employees are owed an additional $5,000 in salaries.
2. Three months of the rental space have expired.
3. Supplies of $6,000 remain on hand.
4. All of the services associated with the beginning deferred revenue have been performed.