Woods Construction has the following account balances at the end of the year. Accounts Balances Equipment $17, 000 Accounts payable 1, 200 Salaries expense 24,000 Common stock 10,000 Land 9,000 Notes payable 11, 000 Service revenue 30,000 Cash 4,200 Retained earnings ? Required: Use only the appropriate accounts to prepare a balance sheet. WOODS CONSTRUCTION Balance Sheet December 31 Assets Liabilities Total liabilities 0 Stockholders' Equity Total stockholders' equity 0 Total assets $ 0 Total liabilities and stockholders' equity $ 0At the beginning of the year (January 1), Wildfire Drilling has $12,000 of common stock outstanding and retained earnings of $7,400. During the year, Wildfire reports net income of $7,700 and pays dividends of $2,400. In addition, Wildfire issues additional common stock for $7,200. Required: Prepare the statement of stockholders' equity at the end of the year (December 31). * Answer is complete but not entirely correct. WILDFIRE DRILLING Statement of Stockholders' Equity For the Year Ended December 31 Common Retained Total Stock Earnings Stockholders" Equity Beginning balance 11,000 8,200 * $ 19.200 Issuance of common stock 8,000 * 8,000 X Add: Net income 8,500 x 8,500 X Less: Dividends (3,200) * (3,200) X Ending balance $ 19,000 13,500 32.500Below are the account balances for Cowboy Law Firm at the end of December. Accounts Balances Cash $5,000 Salaries expense 2,000 Accounts payable 3,000 Retained earnings 4,000 Utilities expense 1, 100 Supplies 13,400 Service revenue 8, 900 Common stock 5,600 Required: Use only the appropriate accounts to prepare an income statement. * Answer is not complete. COWBOY LAW FIRM Income Statement For the Period Ended December 31 Salaries expense X 2.200 * Utilities expense S 1,200 Expenses: Salaries expense Utilities expense Total expenses 0 Net income S 1.000