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On January 1, 2021, Red Flash Photography had the following balances: Cash, $18,000; Supplies, $8,600; Land, $66,000; Deferred Revenue, $5,600; Common Stock $56,000; and Retained Earnings, $31,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $26,000. 2. May 20 Provide services to customers for cash, $41,000, and on account, $36,000. 3. August 31 Pay salaries to employees for work in 2021, $29,000. 4. October 1 Purchase rental space for one year, $18,000. 5. November 17 Purchase supplies on account, $28,000. 6. December 30 Pay dividends, $2,600. The following information is available on December 31, 2021: 1. Employees are owed an additional $4,600 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $5,600 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed. Prepare an income statement, statement of stockholders' equity, and classified balance sheet. Income Stmt of Statement Stockholders Balance Sheet Equity Prepare an income statement. RED FLASH PHOTOGRAPHY Income Statement For the Year Ended December 31, 2021 Service Revenue $ 13,400 X Accounts Receivable 23,343 Accounts Receivable 22,134 Expenses: Salaries Expense 35,000 X Rent Expense 13,400 X Supplies x 31,000 Accounts Payable 1,223 Accounts Payable 11,345 Total Expenses 91,968 Net Income $ 17,000 X Income Statement Stmt of Stockholders Balance Sheet Equity Prepare a statement of stockholders' equity. ded RED FLASH PHOTOGRAPHY Statement of Stockholders' Equity For the Year Ended December 31, 2021 Total Common Retained Stockholders' Stock Earnings Equity Balance at January 1 $ 18,000 X $ 31,000 $ 49,000 X Issuance of Common Stock 26,000 26,000 Add: Net Income 17,000 X 17,000 X Less: Dividends (2,600) (2,600) Balance at December 31 $ 44,000 X $ 45,400 $ 89,400 X RED FLASH PHOTOGRAPHY Balance Sheet December 31, 2021 Assets Liabilities Current assets: Current liabilities: Cash Accounts Payable Salaries Payable $ 28,000 4,600 Accounts Receivable $ 41,000 36,000 13,400 X 5,600 Prepaid Rent Supplies Total current assets 96,000 Total current liabilities 32,600 Long-term assets: Land 66,000 Stockholder's Equity Common Stock Retained Earnings 82,000 31,000 X Total stockholders' equity 113,000 Total assets $ 162,000 Total liabilities and stockholders' equity $ 145,600