On January 1, 2024, Red Flash Photography had the following balances: Cash, $12,000; Supplies, $8,000; Land, $60,000; Deferred Revenue, $5,000; Common Stock $50,000; and Retained Earnings, $25,000. During 2024, the company had the following transactions:



1. February 15 Issue additional shares of common stock, $20,000.
2. May 20 Provide services to customers for cash, $35,000, and on account, $30,000.
3. August 31 Pay salaries to employees for work in 2024, $23,000.
4. October 1 Purchase rental space for one year, $12,000.
5. November 17 Purchase supplies on account, $22,000.
6. December 30 Pay dividends, $2,000.


The following information is available on December 31, 2024:

Employees are owed an additional $4,000 in salaries.
Three months of the rental space have expired.
Supplies of $5,000 remain on hand. All other supplies have been used.
All of the services associated with the beginning deferred revenue have been performed.