D Required information (The following information applies to the questions displayed below) Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operations 1. Acquired $30,000 cash from the issue of common stock. 2. Borrowed $40,000 cash from National Bank 3. Earned cash revenues of $48,000 for performing services, 4. Pald cash expenses of $25,000 5. Paid a $1,000 cash dividend to the stockholders, 6. Acquired an additional $20,000 cash from the issue of common stock. 7. Paid $10,000 cash to reduce the principal balance of the bank note. 8. Paid $53,000 cash to purchase land. 9. Determined that the market value of the land is $75,000 d-1.Determine the net income that Maben would report on the Year 1 income statement Net income