Penny Cassidy is considering forming her own pool service and supply company, Penny's Pool Service & Supply, Incorporated. She has decided to incorporate the business to limit her legal liability. She expects to invest $$35,000$ of her own savings and receive $1,000$ shares of common stock. Her plan for the first year of operations forecasts the following amounts at December $31,$ the end of the current year: cash in bank, $$10,400$; amounts due from customers for services rendered, $$3,800$; pool supplies inventory, $$6,100$; equipment, $$29,500$; amounts owed to Pool Corporation, Incorporated, a pool supply wholesaler, $$5,000$; note payable to the bank, $$6,500.$ Penny forecasts first$-$year sales of $$69,000,$ wages of $$25,500,$ cost of supplies used $$9,700,$ other administrative expenses of $$6,000,$ and income tax expense of $$5,500.$ She expects to pay herself a $$19,000$ dividend as the sole stockholder of the company.

If Penny's estimates are correct, what would the following first$-$year financial statements look like for Penny's Pool Service & Supply, Incorporated?

CON$1-1$ Part $2$

$2.$ Prepare a statement of stockholders' equity for the current year.

$\backslash$table$[[$Accounts payable,Y$,$ INCORPORATED$],[$Accounts receivable,rs$\text{'}$ Equity$],[$Cash and cash equivalents,,$],[$Cost of goods sold,$\backslash$table$[[$Common$],[$Stock$]],\backslash$table$[[$Retained$],[$Earnings$]]],[dots.,],[,,],[$Net incorne for Current Year$],[$Balance December $31,$ Current Year,,$]]$