1 Balance Account Tile Debit Credit $ 26,000 Accounts receivable 4.500 Accounts payable $ 2,000 Share Capital 10,000 Retained eaming 18,500 Total $ 30,500 $ 30,500 DI During March, the business completed the following transactions: a. Borrowed $45,000 from the bank, with Calderon signing a note payable in the name of the business. b. Paid cash of $40,000 to a real estate company to acquire land. c. Performed service for a customer and received cash of $5,000. d. Purchased supplies on credit, $300. e. Performed customer service and eamed revenue on account, $2,600. f. Paid $1,200 on account. g. Paid the following cash expenses: salaries, $3,000; rent, $1,500; and interest, $400. h. Received $3,100 on account. 1, Received a $200 utility bill that will be paid next week. 1. Declared and paid dividends of $1,800. Required: a) Prepare journal entries (7 points) b) Prepare Income statement from the results of transactions (5 points) c) Prepare Balance sheet (5 points) 2. Which operations should you odd to operating activity? Why/2 points)