The assets and liabilities of Adventure Travel Agency on December 31, 20Y5, and its revenue and expenses for the year are as follows:

Common stock was $250,000 and retained earnings was $1,160,400 as of January 1, 20Y5. During the year, additional common stock of $75,000 was issued for cash, and dividends of $50,000 were paid.

Instructions
1. Prepare an income statement for the year ended December 31, 20Y5.
2. Prepare a statement of stockholders’ equity for the year ended December 31, 20Y5.
3. Prepare a balance sheet as of December 31, 20Y5.
4. What items appear on both the statement of stockholders’ equity and the balance sheet?

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Accounts payable $ 52,000 Miscellaneous expense $ 22,100 Accounts receivable 310,400 Rent expense Supplies Supplies expense Utilities expense 75,000 Cash 198,600 6,000 Common stock 325,000 15,300 Fees earned 1400,000 40,000 Land 1,350,000 Wages expense 870,000