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At the beginning of Year 2, Better Corp.'s accounting equation showed the following accounts and balances: BETTER CORP. Accounting Equation D ences Event Assets Liabilities

At the beginning of Year 2, Better Corp.'s accounting equation showed the following accounts and balances: BETTER CORP. Accounting Equation D ences Event Assets Liabilities Stockholders' Equity Accounting Titles. for Retained Earnings Notes Cash Land Payable Common Stock Retained Earnings Balance 1/1/Year 2 17,000 27,000 12,700 7,700 23,600 Better Corp. completed the following transactions during Year 2 1. Purchased land for $8,500 cash 2. Acquired $32.000 cash from the issue of common stock 3. Received $71,000 cash for providing services to customers 4. Paid cash operating expenses of $41,300. 5. Borrowed $17,000 cash from the bank. 6. Paid a $8,500 cash dividend to the stockholders 7. Determined that the market value of the land purchased in event 1 is $42,000. Required a. Record the transactions in the accounting equation for Year 2. 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 32

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