The assets, liabilities, and equities of Darling Design Studio have the following balances at December 31, 2024. The Retained Earnings was $38,000 at the beginning of the year. At year end, Common Stock was $11,000 and Dividends were $53,000 (Click the icon to view the account balances.) (Click the icon to view the income statement for the year.) X (Click the icon to view the statement of retained earnings for the year ended December 31, 2024.) Data table Prepare the balance sheet for Darling Design Studio as of December 31, 2024. (If a box is not used in the table leave the box em Notes Payable $ 9,800 Office Furniture $ 50,200 Rent Expense 22,000 Utilities Expense 6,400 Statement of Retained Earnings Cash 3,600 Accounts Payable 3,800 Office Supplies 5,000 Service Revenue 149,700 Salaries Expense 61,000 Accounts Receivable 5,400 Assets Liabilities Property Tax Expense 1,400 Miscellaneous Expense 4,300 X Reference Stockholders' Equity Darling Design Studio Income Statement Year Ended December 31, 2024 Revenues: Service Revenue $ 149,700 - X Expenses: Reference Salaries Expense 61,000 Rent Expense 22,000 Darling Design Studio Utilities Expense 6,400 Statement of Retained Earnings Miscellaneous Expense 4,300 Year Ended December 31, 2024 Property Tax Expense 1,400 Retained Earnings, January 1, 2024 $ 38,000 Total Expenses 95, 100 Net income for the year 54,600 Net Income $ 54,600 92,600 Dividends (53,000) $ 39,600 Retained Earnings, December 31, 2024 Submit Print Done