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Bailey Corporation prepares the following adjustments required at the end of the month on July 31: Before these adjustments, Bailey had assets of $70,000, Liabilities of $50,000 and Stockholders' equity of $20,000. Here are the adjustments made: a. Received a $587 utility bill for electricity usage in July to be paid-in August. b. Owed wages to 2 employees who worked four days at $92 each per day at the end of July. The company will pay employees at the end of the first week of August. c. On July 1 , loaned money to an employee who agreed to repay the loan in one ear along with $3600 for one full year of interest. No interest has been recorded yet. After the adjustments stockholders' equity on 7/31 will be S Correct Answer: 18,977 Work