1. Acquired $20,000 cash from the issue of common stock. 2. Paid $22,500 cash to purchase land. 3. Borrowed $10,000 cash. 4. Provided services for $30,000 cash. 5. Paid $2,000 cash for rent expense. 6. Paid $20,000 cash for other operating expenses. 7. Paid a $1,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $25,000. Required a. The January 1, 2014, general ledger account balances are shown in the following accounting equation. Record the eight events in the appropriate general ledger accounts. Record the amounts of revenue, expense, and dividends in the Retained Earnings column. Provide the appropriate titles for these accounts in the last column of the table. The first event is shown as an example. (Enter any decreases to account balances with a minus sign. Select "NA" if there is no effect on the "Account Titles for Retained Earnings".) Assets CAROLINA COMPANY Accounting Equation for 2014 Liabilities Stockholders' Equity Notes Common Retained + Payable Stock Earnings 15,000 + 17,500 Event Account Titles for Retained Earnings Cash Land 10,000 + 22,500 = + Balance 1/1/2014 1. 20.000 + + 20,000 + NA 2. + 3. + 4. + 5. + 6. + + + 7. 8. Totals + b-1.Prepare an income statement for the 2014 accounting period. CAROLINA COMPANY Income Statement For the Year Ended December 31, 2014 b- 2. Prepare a statement of changes in equity for the 2014 accounting period. CAROLINA COMPANY Statement of Changes in Stockholders' Equity For the Year Ended December 31, 2014 Beginning common stock Ending common stock Beginning retained earnings Ending retained earnings Total stockholders' equity b- 3. Prepare a year-end balance sheet for the 2014 accounting period. CAROLINA COMPANY Balance Sheet As of December 31, 2014 Assets Total assets Liabilities Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity b- Prepare a statement of cash flows for the 2014 accounting period. (Amounts to be 4. deducted should be indicated with a minus sign.) CAROLINA COMPANY Statement of Cash Flows For the Year Ended December 31, 2014 Cash flows from operating activities Net cash flow from operating activities Cash flows from investing activities Net cash flow from investing activities Cash flows from financing activities Net cash flow from financing activities Ending cash balance C-1. Determine the percentage of assets that were provided by retained earnings. (Round your answer to 1 decimal place. (i.e., .234 should be entered as 23.4).) Percentage of assets % C- 2. Can you determine the cash in retained earnings? Yes No