1 Acquired $40,000 cash from the issue of common stock 2 Paid $15,000 cash to purchase land 3 Borrowed $8,000 in cash 4 Paid $1,500 cash for utilities expense 5 Provided ballet services for $25,000 cash 6 Paid $17,000 cash for other operating expenses 7 Paid $3,200 cash dividend to the stockholders 8 Determined that the market value of the land purchase is now only $15,000 Note: There are drop downs for the Income Statement and Balance Sheet for the labels. a) Complete the accounting equation for the different transactions. The starting balances from January 1 have been included. Once you have completed this, you will have the needed information to complete the Income Statement and Balance Sheet Below. Event The New Life Dance Company Accounting Equation Assets Liabilities + Land = Notes Payable 3,000 40,000 $ 15,000 $ 8,000 Cash $ $ Stockholders Equity Account Title For Common Stock + Retained Earnings Retained Earnings $ 9,000 $ 9,000 Balance 2 3 4 5 6 $ $ $ $ 1,500 utilities expense 25,000 ballet services 17,000 operating expenses 3,200 cash dividend 7 8 Total $ 43,000 $ 15,000 = $ 8,000 + $ 9,000 $ 55,700