527 Required information Exercise 2-8A (Algo) Effect of accruals on the financial statements LO 2-2, 2-3, 2-4 [The following information applies to the questions displayed below.] Milea Incorporated experienced the following events in Year 1, its first year of operations: 1. Received $12,500 cash from the issue of common stock. 2. Performed services on account for $45,000. 3. Paid the utility expense of $1,250. 4. Collected $37,920 of the accounts receivable. 5. Recorded $8,250 of accrued salaries at the end of the year. 6. Paid a $1,200 cash dividend to the stockholders. Exercise 2-8A (Algo) Part b b-1. Prepare the income statement. MILEA INCORPORATED Income Statement For the Year Ended December 31, Year 1 Check