2 Required information [The following information applies to the questions displayed below.) Milea Inc. experienced the following events in Year 1, its first year of operations: 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 $1,400. 4. Collected $30,340 of the accounts receivable. 5. Recorded $9,900 of accrued salaries at the end of the year. 6. Paid a $1,100 cash dividend to the stockholders. Required a. Record the events in accounts under an accounting equation. In the last column of the table, provide appropriate account titles for the Retained Earnings amounts. The first transaction has been recorded as an example. (Enter any decreases to account balances with a minus sign. Not all cells require an input - leave cells blank if there is no corresponding Retained Earnings input needed.) MILEA INC. Accounting Equation For the Year Ended December 31, Year 1 Assots Event Cash Accounts Receivable Liabilities Salaries Payable 1. 14,000 Stockholders' Equity Common Retained Stock Earnings Accounts Titles for Retained Earnings 14,000 2. 45,000 3. (1,400) + + 4. 30,340 (30,340)= + 5. 9,900 + 6. Totals 42,940 14,660 = 9,900 + 14,000 0