At the beginning of Year 2, Better Corp.'s accounting records had the following general ledger accounts and balances. BETTER CORP. Accounting Equation Accounting Titles for Retained Earnings Event + Cash 17,000 Assets Land 27,000 Liabilities Notes Payable 12,700 Stockholders' Equity Common Stock Retained Earnings 7,700 23,600 Balance 01/01/Year 2 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 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? 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. Select "NA" if there is no effect on the "Accounts Titles for Retained Earnings".) Event Assets BETTER CORPORATION Accounting Equation for Year 1 Liabilities + Stockholders' Equity Notes Common Retained Land + + Payable Stock Earnings 27,000 = 12.700 + 7.700 + 23,600 Accounts Titles for Retained Earnings Cash + 17.000 + Balance 1/1/Year 2 1. + + 2. + T + 3. + + + 4. + + + 5 + + + 6. + + + 7. + + Totals 17,000+ 27,000 = 12.700 + 7,700 + 23,600 Complete this question by entering your answers in the tabs below. Required A Required B Required C 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 = +
