Required: Homework Chap 1 4 Seved At the beginning of 2024, Norton Academy reported a balance in common stock of $168,000 and a balance in retained earnings of $68,000. During the year, the company issued additional shares of stock for $58,000, earned net income of $48,000, and paid dividends of $11,800. In addition, the company reported balances for the following assets and liabilities on December 31. 10.5 points Cash Supplies Prepaid rent Land Skipped Required: ellook References Assets: Liabilities $54,400 12,700 Accounts payable Utilities payable 33,000 Salaries payable 290,000 Notes payable 1. Prepare a statement of stockholders' equity. 2. Prepare a balance sheet Complete this question by entering your answers in the tabs below. Stmt of Stockholders Balance Sheet Equity Prepare a statement of stockholders' equity. NORTON ACADEMY Statement of Stockholders' Equity For the Year Ended December 31, 2024 Beginning Balance Common Stock Retained Earnings Total Stockholders' Equity Ending Balance $ 05 05 0 $15,600 6,000 5,300 33,000 es Required: 1. Prepare a statement of stockholders' equity. 2. Prepare a balance sheet. Complete this question by entering your answers in the tabs below. Stmt of Stockholders Balance Sheet Equity Prepare a balance sheet. Assets NORTON ACADEMY Balance Sheet December 31, 2024 Liabilities Total Liabilities 0 Stockholders' Equity Total Stockholders' Equity 0 Total Assets $ 0 Total Liabilities and Stockholders' Equity $ 0 Stmt of Stockholders Equity Balance Sheet > < Prev 4 of 10 Next >