1. Purchased land for $6,500 cash. 2. Acquired $28,000 cash from the issue of common stock. 3. Received $67,000 cash for providing services to customers. 4. Paid cash operating expenses of $41,700. 5. Borrowed $13,000 cash from the bank. 6. Paid a $6,500 cash dividend to the stockholders. 7. Determined that the market value of the land purchased in event 1 is $38,000. Required a. Record the transactions in the accounting equation for Year 2. 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. b. As of December 31, Year 2, determine the total amount of assets, liabilities, and stockholders' equity and present this information in the form of an accounting equation. c. What is the amount of total assets, liabilities, and stockholders' equity as of January 1, Year 3? Req A Req B and C Record the transactions in the accounting equation for Year 2. 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. (Enter any decreases to account balances with a minus sign. If there is no effect on the Accounts Titles for Retained Earnings, leave the cell blank. Not all cells require input.) Accounting Equation Accounting Equation for Year 2 Event Assets Liabilities Stockholders' Equity Accounts Titles Cash Land Notes Payable + Common Stock Retained Earnings for Retained Earnings Balance 1/1/Year 2 13,000 + 23,000 = 12,300 + 7,300 + 16,400 1. 2. (6,500) + 28,000 6,500 = + + = + 28,000 + 3. = + + 67,000 4. (41,700) ( = + + (41,700) 5 13,000 + = 13,000 + + 6. (6,500) + = + + (6,500) 7. + (38,000) |= + + Totals (700) + (8,500) 25,300 + 35,300 + 35,200 < Req A Req B and C > < Prev 2 of 10 Next > Answer is not complete. Complete this question by entering your answers in the tabs below. Req A Req B and C As of December 31, Year 2, determine the total amount of assets, liabilities, and stockholders' equity and present this information in the form of an accounting equation. What is the amount of total assets, liabilities, and stockholders' equity as of January 1, Year 3? b. C. Assets = = Liabilities + + Stockholders' Equity < Req A Req B and C