Required information Exercise 3-20A 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, 2021, Red Flash Photography had the following balances: Cash, $13,000; Supplies, $8,100; Land, $61,000; Deferred Revenue, $5,100; Common Stock $51,000; and Retained Earnings, $26,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $21,000. 2. May 20 Provide services to customers for cash, $36,000, and on account, $31,000. 3. August 31 Pay salaries to employees for work in 2021, $24,000. 4. October 1 Purchase rental space for one year, $13,000. 5. November 17 Purchase supplies on account, $23,000. 6. December 30 Pay dividends, $2,100. The following information is available on December 31, 2021: 1. Employees are owed an additional $4,100 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $5,100 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed. Exercise 3-20A Part 4 4. Prepare an income statement, statement of stockholders' equity, and classified balance sheet. Answer is not complete. Complete this question by entering your answers in the tabs below. Income Stmt of Balance Statem... Stockho... Sheet Prepare a statement of stockholders' equity. RED FLASH PHOTOGRAPHY Statement of Stockholders' Equity For the Year Ended December 31, 2021 Common Retained Total Stockholders' Stock Earnings Equity Balance at January 1 $ 51,000 $ 26,000$ 110,650 X Issuance of Common Stock 21,000 Balance at December 31 $ 72,000$ 38,650 $ 137,750 Income Statement Balance Sheet >