1. Received $14,000 cash from the issue of common stock. 2. Performed services on account for $45,000. 3. Paid the utility expense of $1,100. 4. Collected $36,490 of the accounts receivable. 5. Recorded $6,700 of accrued salaries at the end of the year. 6. Paid a $950 cash dividend to the stockholders. . Prepare the income statement, statement of changes in stockholders' equity, balance shee Year 1 accounting period. Complete this question by entering your answers in the tabs below. Req B1 Req B2 Req B3 Req B4 Prepare the income statement for the Year 1 accounting period. MILEA INC. Income Statement For the Year Ended December 31, Year 1 Revenue $ 45,000 Expenses Salaries expense $ 6,700 Utilities expense 1,100 Total expenses Net income 7,800 $ 37,200 Req B1 Req B2 Req B3 Req B4 Prepare the statement of changes in stockholders' equity for the Year 1 accounting period. MILEA INC. Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 1 Beginning common stock $ 0 Plus: Common stock issued 14,000 Ending common stock $ 14,000 Beginning retained earnings Plus: Net income (3,300) Less: Dividend 950 Ending retained earnings (4,250) Total stockholders' equity $ 9,750 $ 0 Prepare the balance sheet for the Year 1 accounting period. MILEA INC. Balance Sheet As of December 31, Year 1 Assets Cash $ 36,490 X $ 36,490 Accounts receivable Total assets Liabilities Salaries payable $ 14,000 $ 14,000 Total liabilities Stockholders' Equity Common stock Retained earnings $ 14,000 Total stockholders' equity Total liabilities and stockholders' equity 14,000 $ 28,000 Req B2 MILEA INC. Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flow from operating activities Cash received from customers $ 36,490 Cash paid for expenses (1,100) $ 35,390 0 Net cash flow from operating activities Cash flow from investing activities Cash flow from financing activities Issue of stock Paid dividend $ 14,000 950 Net cash flow from financing activities Net change in cash 14,950 50,340 Ending cash balance $ 50,340