At the beginning of Year 2, Better Corporation's accounting records had the following general ledger accounts and balances. Event BETTER CORPORATION Accounting Equation Liabilities Balance 01/01/Year 2 Assets Stockholders' Equity Account Titles for Retained Earnings Cash 10,000 Land 20,000 12,000 Notes Payable Common Stock 7,000 Retained Earnings 11,000 Better Corporation completed the following transactions during Year 2: 1. Purchased land for $5,000 cash. 2. Acquired $25,000 cash from the issue of common stock. 3. Received $75,000 cash for providing services to customers. 4. Paid cash operating expenses of $42,000. 5. Borrowed $10,000 cash from the bank. 6. Paid a $5,000 cash dividend to the stockholders. 7. Determined that the market value of the land purchased in event 1 is $35,000. Required a. 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. 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. c. What is the amount of total assets, liabilities, and stockholders' equity as of January 1, Year 3? Complete this question by entering your answers in the tabs below. 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 Event Assets Liabilities Stockholders' Equity Accounts Titles for Retained Cash Land Notes Payable Common Stock Retained Earnings Earnings Balance 1/1/Year 2 10,000+ 20,000 12,000+ 7,000 + 11,000 1. + 2. 3. 4. 5. 6. 7. Totals < Required A Required B >