0 Required information Exercise 2-8A (Algo) Effect of accruals on the financial statements LO 2-2, 2-3, 2-4 [The following information applies to the questions displayed below) Milea Inc experienced the following events in Year 1. its first year of operations: 1. Received $15,500 cash from the issue of common stock 2. Performed services on account for $45,000 3. Paid the utility expense of $1,200. 4. Collected $31,460 of the accounts receivable. 5. Recorded $8,200 of accrued salaries at the end of the year. 6. Paid a $900 cash dividend to the stockholders. Exercise 2-8A (Algo) Part b Exercise 2-8A (Algo) Part b b-1. Prepare the income statement. MILEA INC. Income Statement For the Year Ended December 31, Year 1 Expenses Total expenses