All-Star Automotive Company experienced the following accounting events during Year 1 1. Performed services for $25,000 cash. 2. Purchased land for $6,000 cash. 3. Hired an accountant to keep the books 4. Received $50,000 cash from the issue of common stock 5. Borrowed $5,000 cash from State Bank. 6. Paid $14,000 cash for salary expense. 7. Sold land for $9,000 cash. 8. Paid $10,000 cash on the loan from State Bank 9. Paid $2,800 cash for utilities expense. 10. Paid a cash dividend of $5,000 to the stockholders