1. Acquired $70,000 by issuing common stock 2. Received $120,000 cash for providing services to customers 3. Borrowed $19.000 cash from creditors. 4. Paid expenses amounting to $56,000 5. Purchased land for $35,000 cash Transactions for Year 2 Beginning account balances for Year 2 are Cash Land Notes payable Connon stock Retained earnings $118.000 25.000 19.000 70,000 64.000 1. Acquired an additional $24.000 from the issue of common stock 2. Received $134,000 for providing services 3. Paid $14,000 to creditors to reduce loan 4. Paid expenses amounting to $71000 5. Paid a $13,000 dividend to the stockholders 6. Determined that the market value of the land $45.000 Required o. Record the effects of each accounting event under the appropriate headings for each year Record the amounts of revenue. expense, and dividends in the Retained Eamings column Provide appropriate tities for these accounts in the last column of the table b-1. Prepare an income statement for each year accounting period b-2. Prepare a statement of changes in stockholders equity for each year accounting period b-3. Prepare a year-end balance sheet for each year accounting period b-4. Prepare a statement of cash flows for each year accounting period c. Determine the amount of cash that is in the retained earnings account at the end of Year 1 and Year 2 e. Determine the balance in the Retained Earnings account immediately after Event 2 in Year is recorded and after Event 2 in Year 2 is recorded Assets + Event Accounting Equation for Year 1 Liabilities Stockholders' Equity Notes Common Retained Payable Stock Earnings Cash Account Titles for Retained Earnings Land + 1 + 2 3 + + + + + + III 4 5. + + + Totals 0 0 0 Assets Event Accounting Equation for Year 2 Liabilities Stockholders' Equity Notes Common Retained Payable Stock Earnings Cash + Land Account Titles for Retained Earnings = Beg bal 1 + 1 + 2 + + 1 3 4 ++++ 5. 6 ++ Totals 0 0 0