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involve the receipt or payment of cash. Transactions for Year 1 1. Acquired $20,000 by issuing common stock 2. Received $35,000 cash for providing services to customers. 3. Borrowed $25,000 cash from creditors. 4. Paid expenses amounting to $22,000 5. Purchased land for $30,000 cash. Transactions for Year 2 Beginning account balances for Year 2 are: Cash Land Notes payable Common stock Retained earnings $28,000 30,000 25,000 20,000 13,000 1. Acquired an additional $24.000 from the issue of common stock 2. Received $95,000 for providing services 3. Paid $15,000 to creditors to reduce loan. 4. Pald expenses amounting to $71,500. 5. Paid a $3,000 dividend to the stockholders. 6. Determined that the market value of the land is $47.000. auch wear Record the amounts of revenue, 1. Acquired an additional $24,000 from the issue of common stock. 2. Received $95,000 for providing services. 3. Paid $15,000 to creditors to reduce loan. 4. Pald expenses amounting to $71,500. 5. Paid a $3,000 dividend to the stockholders. 6. Determined that the market value of the land is $47,000. Required a. Record the effects of each accounting event under the appropriate headings for each year. Record the amounts of revenue, expense, and dividends in the Retained Earnings column. Provide appropriate titles for these accounts in the last column of the table 11. Prepare an income statement for each year accounting period. b-2. Prepare a statement of changes in stockholders' equity for each year accounting period. b-3. Prepare a year-end balance sheet for each year accounting period. b 4. Prepare a statement of cash flows for each year accounting period. c. Determine the amount of cash that is in the retained earnings account at the end of Year 1 and Year 2 e. Determine the balance in the Retained Earnings account immediately after Event 2 in Year 1 is recorded and after Event 2 in Year 2 is recorded. TORE Event Cash 20.000 MARK'S CONSULTING SERVICES ountin Eruation for Year 1 Liabilities Stockholders' Equity Account Titles for Land Notes Common Retained Retained Earnings Payabil Stock Earnings 20,000 35,000 Revenue 25.000 + (22.000) Operating expense 30,000 + 30,000 25,000 20,000 13.000 + Book 1. 2 3. 4. 5. Totis 35,000 25.000 (22,000) + + . 58,000+ Assets Event Account Titles for Retained Earning Cash Beg bal 1. 2. MARK'S CONSULTING SERVICES Accounting Equation for Year 2 Llabilities Stockholders' Equity Notes Common Retained Land Payable Stock Earnings 30.000 25.000 20,000+ 13,000 24,000+ 95,000 (15.000) (71,500) (3.000) + 9 + 28,000 + 24,000 95,000+ (15,000) (71.500) + (3.000) . + 3. 4 = 5. 6. 57,500 Totals 30,000 25,000+ 29,000+ 33.500 Complete this question by entering your answers in the tabs below. Reg A Req B1 Req B2 Reg B3 Req B4 Reqc Reg E Prepare an income statement for each year accounting period. MARK'S CONSULTING SERVICES Income Statement For the Year Ended December 31, Year 1 MARK'S CONSULTING SERVICES Income Statement For the Year Ended December 31, Year 2 cou with minus sign.) year accounting period. (Amounts to be deducted should be MARK'S CONSULTING SERVICES Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 1 Beginning common stock Ending common stock Beginning retained earnings $ 0 Ending retained earnings Total stockholders' equity 0 $ 0 MARK'S CONSULTING SERVICES Statement of Changes in Stockholders' Equity For the Year Ended December 31. Year 2 Beginning common stock $ 0 Ending common stock Beginning retained earnings 0 Ending retained earnings Total stockholders' equity $ 0 Rad 3 MARK'S CONSULTING SERVICES Balance Sheet As of December 31, Year 1 Assets Total assets Liabilitie S 0 $ 0 Total liabilities Stockholders' Equity 0 Total stockholders' equity Total liabilities and stockholders' equity $ 0 MARK'S CONSULTING SERVICES Balance Sheet As of December 31, Year 2 Assets $ 0 Total assets IULUI Huius and Swenoiders' equity $ MARK'S CONSULTING SERVICES Balance Sheet As of December 31, Year 2 Assets Total assets Liabilities $ 0 Total liabilities $ 0 Stockholders' Equity 0 Total stockholders' equity Total liabilities and stockholders' equity $ 0 ILITY period. (Cash outflows should MARK'S CONSULTING SERVICES Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities Net cash flow from operating activities Cash flows from investing activities $ 0 0 Net cash flow from investing activities Cash flows from financing activities 0 Net cash flow from financing activities $ 0 Ending cash balance MARK'S CONSULTING SERVICES Statement of Cash Flows For the Year Ended December 31, Year 2 Cash flows from operating activities $ 0 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net cash flow from financing activities 0 $ 0 Ending cash balance Chi 5. Paid a $3,000 dividend to the stockholders. 6. Determined that the market value of the land is $47,000. Required a. Record the effects of each accounting event under the appropriate headings for each year. Record the amounts of revenue. expense, and dividends in the Retained Earnings column. Provide appropriate titles for these accounts in the last column of the table. b-1. Prepare an income statement for each year accounting period. b-2. Prepare a statement of changes in stockholders' equity for each year accounting period. b-3. Prepare a year-end balance sheet for each year accounting period. b-4. Prepare a statement of cash flows for each year accounting period. c. Determine the amount of cash that is in the retained earnings account at the end of Year 1 and Year 2 e. Determine the balance in the Retained Earnings account immediately after Event 2 in Year 1 is recorded and after Event 2 in Year 2 is recorded Complete this question by entering your answers in the tabs below. Req A Req B1 Reg B2 Red B3 Req B4 Reg C Reg E Determine the amount of cash that is in the retained earnings account at the end of Year 1 and Year 2. Year 1 Year 2 Retained earnings