The amounts of the assets and liabilities of Journey Travel Agency at December 31, 2018, the end of the year, and its revenue and expenses for the year follow. The retained earnings were $625,000 on January 1, 20Y7, the beginning of the year.
During the year, dividends of $41,000 were paid.
1) Accounts payable $68,500
2) Accounts receivable 274,000
3) Cash 187,500
4) Common stock 70,000
5) Fees earned 869,200
6) Land 544,000
7) Miscellaneous expense 6,500
8) Rent expense 40,000
9) Supplies 5,300
10) Supplies expense 4,400
11) Utilities expense 27,000
12) Wages expense 503,000
Required:
Prepare a statement of stockholders’ equity for the year ended December 31, 20Y7. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Entries of 0 (zero) are not required and will be cleared if entered.