CPAsRUs experienced the following transactions in Year 1, the first year of operations: 1. On April 1, received $19,600 in advance for services to be performed evenly over the next 12 months. 2. Provided accounting services for cash of $62,500. 3. Purchased office supplies on account for $1,150. 4. Paid $1,035 on accounts payable. 5. Paid dividends to stockholders of $5,800. 6. Paid $19,400 for miscellaneous expenses. 7. On Dec. 31, recorded adjusting entry for supplies used; supplies on hand were $105. 8. On Dec. 31, recorded adjusting entry for services performed related to 1. above. (Hint: How much of the total received on April 1(for 12 months) has been earned by Dec. 31?]