At the beginning of Year 2, Better Corporation's accounting records had the following general ledger accounts and balances. Event Beginning Balance 01/01/Year 2 BETTER CORPORATION Accounting Equation Assets Cash Land Liabilities Notes Payable Stockholders' Equity Common Stock Retained Earnings 14,000 24,000 12,400 7,400 18,200 Better Corporation completed the following transactions during Year 2: 1. Purchased land for $7,000 cash. 2. Acquired $29,000 cash from the issue of common stock. 3. Received $68,000 cash for providing services to customers. 4. Paid cash operating expenses of $41,600. 5. Borrowed $14,000 cash from the bank. 6. Paid a $7,000 cash dividend to the stockholders. 7. Determined that the market value of the land purchased in event 1 is $39,000. Accounts Titles for Retained Earnings Required A Required B Required C Record the transactions in the appropriate general ledger accounts. Record the amounts of revenue, expense, and dividends in the Retained Earnings column. Provide the appropriate titles for these accounts in the last column of the table. (Enter any decreases to account balances with a minus sign. Not all cells require entry.) BETTER CORPORATION Accounting Equation for Year 2 = Liabilities + Event Assets Stockholders' Equity Accounts Titles for Cash Land Notes Payable + Common Stock + Retained Earnings Retained Earnings Balance 1/1/Year 2 14,000 + 24,000 = 12,400 + 7,400 + 18,200 1. + + 2. 3. + + 4. + 5. 6. 7. + Totals 14,000 + 24,000 = 12,400 + 7,400 + 18,200 < Required A Required B > As of December 31, Year 2, determine the total amount of assets, liabilities, and stockholders' equity and present this information in the form of an accounting equation. Assets Liabilities Stockholders' Equity What is the amount of total assets, liabilities, and stockholders' equity as of January 1, Year 3? Assets Liabilities Stockholders' Equity +