Cash--30,000

Land--16,000

Notes Payable--10,000

Common Stock---20,000

Retained Earnings---16,000

Foster Corp. completed the following transactions during 2013:

1. Purchased land for $20,000 cash.

2. Acquired $10,000 cash from the issue of common stock.

3. Received $90,000 cash for providing services to customers.

4. Paid cash operating expenses of $65,000.

5. Borrowed $20,000 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 $30,000.

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, 2013, determine the total amount of assets, liabilities, and stockholder