1.5 TheAcoounting Equation and nancial Statements 15 pts. Problem and Directions: The New Life Dance Company had the following events during 2019; 1 Earned revenues of $50,000 2 Paid Cash for expenses of $23,000 3 Paid a $4,500 dividend to stockholders Note: On the Balance Sheet under each major category Maset. Liability and Stockholders Equity} item, when you click in the yellow box, a drop down menu Mil appear. Select the correct item to complete the information. a) Complete the accounting equation for the different transactions. New Life Dance Company Accounting Equation Event Assets Liabilities Stockholders Equity Cash = + Common Stock + Retained Earnings 1 2 3 Total $ - = $ - + $ - + $ - b] Prepare an income statement for 2015' The New Life Dance Company Income Statement For the Year Ended December 31, 2019