Dakota Company experienced the following events during 2018:

1. Acquired $20,000 cash from the issue of common stock.

2. Paid $20,000 cash to purchase land.

3. Borrowed $5,000 cash.

4. Provided services for $40,000 cash.

5. Paid $1,000 cash for utilities expense.

6. Paid $20,000 cash for other operating expenses.

7. Paid a $5,000 cash dividend to the stockholders.

8. Determined that the market value of the land purchased in Event 2 is now $25,000.

Required

1. a. The January 1, 2018, general ledger account balances are shown in the following accounting equation. Record the eight events 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. The first event is shown as an example.

2. b-1. Prepare an income statement for the 2018 accounting period.

3. b-2. Prepare a statement of changes in equity for the 2018 accounting period.

4. b-3. Prepare a year-end balance sheet for the 2018 accounting period.

5. b-4. Prepare a statement of cash flows for the 2018 accounting period.

6. c. Determine the percentage of assets that were provided by retained earnings. Can you determine the cash in retained earnings?

Check my work Req B1 Reg 2 Reg 3 R4 Reg The January 1, 2018, general ledger account balances are shown in the following accounting equation Record the eight events 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. The first event is shown as an example. Enter any decreases to account balances with a minus sign. Select "NA" if there is no effect on the "Account Titles for Retained Earnings.) Show less DAKOTA COMPANY Accounting Equation for 2018 Llabilities Stockholders' Equity Account Tales for Redamage 001 C e w.connect ion.com/en/connect Ch 1 Homework Problems Help 10 Reg A Regi Req B2 Re Re 4 Red Prepare a statement of changes in equity for the 2018 accounting period DAKOTA COMPANY St o f Changes i Stockholders Equity for the Year Ended December 31, 2016 Boghning common stock Plus Com e d Ending common stock Boghning retained earnings Natcom Ross Dividendo Ch. 1 Homework Problems Saved Req A Req B1 Req B2 Req B3 Reg B4 Reqc Prepare a year-end balance sheet for the 2018 accounting period. 15 DAKOTA COMPANY Balance Sheet As of December 31, 2018 Assets Cash | Land L Total assets Liabilities Notes payable Total liabilities Stockholders' Equity F Common stock Rotained earnings Total stockholders equity DAKOTA COMPANY Statement of Cash Flows For the Year Ended December 31, 2018 Cash flows from operating activities: Cash receipts from customers Cash payment for utilities expense Cash payments for other operating expense Net cash flow from operating activities Cash flows from investing activities: Cash paid to purchase land Net cash flow from investing activities Cash flows from financing activities Net cash flow from financing activities Endina cash balance Prey 10 of 24 !!! Next > Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Req B4 Reqc points Determine the percentage of assets that were provided by retained earnings. Can you determine the cash in retained earnings? (Round your answer to 1 decimal place.) eBook Hint Print Percentage of assets Can you determine the cash in retained earnings? References C e w.connect ion.com/en/connect Ch 1 Homework Problems Help 10 Reg A Regi Req B2 Re Re 4 Red Prepare a statement of changes in equity for the 2018 accounting period DAKOTA COMPANY St o f Changes i Stockholders Equity for the Year Ended December 31, 2016 Boghning common stock Plus Com e d Ending common stock Boghning retained earnings Natcom Ross Dividendo Ch. 1 Homework Problems Saved Req A Req B1 Req B2 Req B3 Reg B4 Reqc Prepare a year-end balance sheet for the 2018 accounting period. 15 DAKOTA COMPANY Balance Sheet As of December 31, 2018 Assets Cash | Land L Total assets Liabilities Notes payable Total liabilities Stockholders' Equity F Common stock Rotained earnings Total stockholders equity DAKOTA COMPANY Statement of Cash Flows For the Year Ended December 31, 2018 Cash flows from operating activities: Cash receipts from customers Cash payment for utilities expense Cash payments for other operating expense Net cash flow from operating activities Cash flows from investing activities: Cash paid to purchase land Net cash flow from investing activities Cash flows from financing activities Net cash flow from financing activities Endina cash balance Prey 10 of 24 !!! Next > Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Req B4 Reqc points Determine the percentage of assets that were provided by retained earnings. Can you determine the cash in retained earnings? (Round your answer to 1 decimal place.) eBook Hint Print Percentage of assets Can you determine the cash in retained earnings? References