Acquired $40,000 cash from the issue of common stock

Paid $15,000 cash to purchase land

Borrowed $8,000 in cash

Paid $1,500 cash for utilities expense

Provided ballet services for $25,000 cash

Paid $17,000 cash for other operating expenses

Paid $3,200 cash dividend to the stockholders

Determined that the market value of the land purchase is now only $15,000

a] Complete the accounting equation for the different transactions. The starting balances from January 1 have been included Goofy Company Accounting Equation Event _ Assets Liabilities Stockholders Equity _Acoount Title For Cash + Land = Notes Payable + Common Stock + Retained Earnings Retained Earnings Balance 5 3,000 + 5 15,000 = + 5 9,000 + 5 9,000 1 + = + + 2- + = + + 3 + = + + 4 + + + 5 + + + 6 + + + 7- + = + + 3- + = + + Total _ 5 3,000 + 5 15,000 = S + 5 9,000 + 5 9,000 _ b] Prepare an income statement for 2013 Goofy Company Income Statement For the Year Ended December 31,2018 Net Income 5 C] Prepare a yearend balance Sheet Goofy Company Balance Sheet As of December 31,2013 Total Assets liabilities Total Liabilities Stockholders Equity Total Stockholders Equity Total Liabilities and Stockholders Equity