At the beginning of 2024, Glasson Academy reported a balance in common stock of $166,000 and...

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At the beginning of 2024, Glasson Academy reported a balance in common stock of $166,000 and a balance in retained earnings of $66,000. During the year, the company issued additional shares of stock for $56,000, earned net income of $46,000, and paid dividends of $11,600. In addition, the company reported balances for the following assets and liabilities on December 31. Cash Assets Supplies Prepaid rent Land Required: Liabilities $ 54,200 Accounts payable $ 14,600 12,500 Utilities payable 32,000 Salaries payable 280,000 Notes payable 5,600 5,100 31,000 1. Prepare a statement of stockholders' equity. 2. Prepare a balance sheet. Complete this question by entering your answers in the tabs below. Stmt of Stockholders Balance Sheet Equity Prepare a statement of stockholders' equity. GLASSON ACADEMY Statement of Stockholders' Equity For the Year Ended December 31, 2024 Beginning Balance Common Stock Total Retained Earnings Stockholders' Equity Ending Balance $ 0 $ 0 $ 0 Stmt of Stockholders Balance Sheet Equity Prepare a balance sheet. GLASSON ACADEMY Balance Sheet December 31, 2024 Assets Liabilities Total Liabilities 0 Stockholders' Equity Total Stockholders' Equity 0 Total Assets $ 0 Total Liabilities and Stockholders' Equity $ 0 < Stmt of Stockholders Equity Balance Sheet At the beginning of 2024, Glasson Academy reported a balance in common stock of $166,000 and a balance in retained earnings of $66,000. During the year, the company issued additional shares of stock for $56,000, earned net income of $46,000, and paid dividends of $11,600. In addition, the company reported balances for the following assets and liabilities on December 31. Cash Assets Supplies Prepaid rent Land Required: Liabilities $ 54,200 Accounts payable $ 14,600 12,500 Utilities payable 32,000 Salaries payable 280,000 Notes payable 5,600 5,100 31,000 1. Prepare a statement of stockholders' equity. 2. Prepare a balance sheet. Complete this question by entering your answers in the tabs below. Stmt of Stockholders Balance Sheet Equity Prepare a statement of stockholders' equity. GLASSON ACADEMY Statement of Stockholders' Equity For the Year Ended December 31, 2024 Beginning Balance Common Stock Total Retained Earnings Stockholders' Equity Ending Balance $ 0 $ 0 $ 0 Stmt of Stockholders Balance Sheet Equity Prepare a balance sheet. GLASSON ACADEMY Balance Sheet December 31, 2024 Assets Liabilities Total Liabilities 0 Stockholders' Equity Total Stockholders' Equity 0 Total Assets $ 0 Total Liabilities and Stockholders' Equity $ 0 < Stmt of Stockholders Equity Balance Sheet