Cowboy Ice Cream Company (CIC) was formed on January 1, Year 1. Events Affecting the Year 1 Accounting Period 1. Acquired $61,000 cash from the issue of common stock. 2. Purchased $1,400 of supplies on account. 3. Purchased land that cost $20,000 cash. 4. Paid $1,400 cash to settle accounts payable created in Event 2. 5. Recognized revenue on account of $44,000. 6. Paid $22,000 cash for other operating expenses. 7. Collected $39,000 cash from accounts receivable. Information for Year 1 Adjusting Entries 8. Recognized accrued salaries of $3,300 on December 31, Year 1. 9. Had $300 of supplies on hand at the end of the accounting period. Events Affecting the Year 2 Accounting Period 1. Acquired $21,000 cash from the issue of common stock. 2. Paid $3,300 cash to settle the salaries payable obligation. 3. Paid $3,900 cash in advance to lease office space. 4. Sold the land that cost $20,000 for $20,000 cash. Deceived $5100 cash in advance for services to he nerformed in the future