Exercise 1-11 (Algo) Link the statement of stockholders' equity to the balance sheet (LO1-3) At the beginning of 2024, Ellingham Academy reported a balance in common stock of $167,000 and a balance in retained earnings of $67,000. During the year, the company issued additional shares of stock for $57,000, earned net income of $47,000, and paid dividends of $11,700. In addition, the company reported balances for the following assets and liabilities on December 31. Assets Cash Supplies Prepaid rent Land Required: Liabilities $54,300 12,600 Accounts payable Utilities payable 32,500 Salaries payable 285,000 Notes payable 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 balance sheet. Cash Supplies Prepaid Rent ELLINGHAM ACADEMY Balance Sheet December 31, 2024 $15,100 5,800 5,200 32,000 Assets Liabilities $ 54,300 Accounts payable 12,600 Utilities Payable $ 15,100 5,800 32,500 Salaries Payable 5,200 hapter #1 Homework - Part A es Complete this question by entering your answers in the tabs below. Stmt of Stockholders Balance Sheet Equity Prepare a balance sheet. Cash Supplies Prepaid Rent Land ELLINGHAM ACADEMY Balance Sheet December 31, 2024 Assets Liabilities $ 54,300 Accounts payable $ 15,100 12,600 Utilities Payable 5,800 32,500 Salaries Payable 5,200 285,000 Notes Payable 32,000 Total Liabilities 58,100 Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Assets $ 384,400 Total Liabilities and Stockholders' Equity $ 58,100 Stmt of Stockholders Equity Balance Sheet > .Prepare a statement of stockholders' equity. . 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. ELLINGHAM ACADEMY Statement of Stockholders' Equity For the Year Ended December 31, 2024 Beginning Balance Issuance of Common Stock Add: Net income Less: Dividends Ending Balance Common Stock Retained Earnings Total Stockholders' Equity 167,000 $ 67,000 $ 234,000 $ 167,000 $ 67,000 $ 234,000 Stmt of Stockholders Equity Balance Sheet >