! Required information [The following information applies to the questions displayed below.] On January 1, 2021, Red Flash Photography had the following balances: Cash, $30,000; Supplies, $9,800; Land, $78,000; Deferred Revenue, $6,800; Common Stock $68,000; and Retained Earnings, $43,000. During 2021, the company had the following transactions: 20 1. February 15 2. May 3. August 31 4. October 1 Issue additional shares of common stock, $38,000. Provide services to customers for cash, $53,000, and on account, $48,000. Pay salaries to employees for work in 2021, $41,000. Purchase rental space for one year, $30,000. 5. November 17 Purchase supplies on account, $40,000. 6. December 30 Pay dividends, $3,800. The following information is available on December 31, 2021: 1. Employees are owed an additional $5,800 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $6,800 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed. 3. Prepare an adjusted trial balance. RED FLASH PHOTOGRAPHY Adjusted Trial Balance December 31, 2021 Accounts Debit Credit Cash $ 30,000 Supplies 6,800 Land 78,000 Common Stock Retained Earnings 68,000 43,000 Accounts Receivable Service Revenue Salaries Expense Prepaid Rent Accounts Payable Dividends Salaries Payable Rent Expense Supplies Expense Totals $ 114,800 $ 111,000 Stmt of Income Statement Stockholders Balance Sheet Equity Prepare an income statement. RED FLASH PHOTOGRAPHY Income Statement For the Year Ended December 31, 2021 Expenses: Total Expenses 0 Stmt of Income Statement Stockholders Balance Sheet Equity Prepare a statement of stockholders' equity. RED FLASH PHOTOGRAPHY Statement of Stockholders' Equity For the Year Ended December 31, 2021 Balance at January 1 Balance at December 31 Common Stock Retained Earnings Total Stockholder Equity Stmt of Income Statement Stockholders Balance Sheet Equity Prepare a classified balance sheet. RED FLASH PHOTOGRAPHY Current assets: Total current assets Long-term assets: Assets Balance Sheet December 31, 2021 Current liabilities: 0 Total current liabilities Liabilities Stockholder's Equity 0 Total stockholders' equity 0 Total assets $ 0 Total liabilities and stockholders' equity $ 0