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Required information Exercise 3-20 (Algo) Record transactions and prepare adjusting entries, adjusted trial balance, financial statements, and closing entries (LO3-3, 3-4, 3-5, 3-6, 3-7) [The following information applies to the questions displayed below.] On January 1, 2024, Red Flash Photography had the following balances: Cash, $30,000; Supplies, $9,800; Land, $78,000; Deferred Revenue, \$6,800; Common Stock \$68,000; and Retained Earnings, \$43,000. During 2024, the company had the following transactions: 1. February 15 Issue additional shares of conmon stock, $38,000. 2. May 20 Provide services to customers for cash, $3,000, and on account, $48,000. 3. August: 31 Pay salories to employees for work in 2024,$41,000. 4. October 1 purchase rental space for one year, $30,000. 5. November 17 purchase eupplies on aceount, $40,000. 6. December 30 Pay dividends, $3,800. The following information is available on December 31, 2024: 1. Employees are owed an additional $5,800 in salaries. 2. Three months of the rental space have expired. 3. Supplies of $6,800 remain on hand. All other supplies have been used. 4. All of the services associated with the beginning deferred revenue have been performed. Complete this question by entering your answers in the tabs below. Prepare an income statement. Prepare a statement of stockholders' equity. Prepare a classified balance sheet