The year-end financial statements are provided below. Income Statement Service revenue $87,500 Expenses Salaries $47,100 Supplies Delivery Net income 9,600 7,700 5,200 69,600 Rent $17,900 Statement of Stockholders' Equity Total Common Retained Stockholders Stock Earnings Equity $70,000 $34,500 $104,500 January 1 Issue stock Net income Dividends 12,000 17,900 (5,000) 12,000 17,900 (5,000) Ending balance, Dec. 31 $82,000 $47,400 $129,400 Balance Sheet Assets Liabilities Cash Accounts receivable Land s 7,500 Accounts payable S 9,800 8,300 Stockholders' Equity 123,400 Common stock $82,000 Retained earnings 47,400 129,400 Total assets $139,200 Total liabilities and equities $139,200