Dakota Company experienced the following events during Year 2. 1. Acquired $30,000 cash from the issue of common stock. 2. Paid $12,000 cash to purchase land. 3. Borrowed $10,000 cash. 4. Provided services for $20,000 cash. 5. Paid $1,000 cash for utilities expense. 6. Paid $15,000 cash for other operating expenses. 7. Paid a $2,000 cash dividend to the stockholders.. 8. Determined that the market value of the land purchased in Event 2 is now $12,700. dot like midi ket value of the fallu purchased EVEN 255 and ences Required a. The January 1, Year 2, 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. b-1. Prepare an income statement for the Year 2 accounting period. b-2. Prepare a statement of changes in equity for the Year 2 accounting period. b-3. Prepare a year-end balance sheet for the Year 2 accounting period. b-4. Prepare a statement of cash flows for the Year 2 accounting period. c-1. Determine the percentage of assets that were provided by retained earnings c-2. Can you determine the cash in retained earnings? Complete this question by entering your answers in the tabs below. c-2. Can you determine the cash in retained earnings? Complete this question by entering your answers in the tabs below. Req A Req 81 Req 82 Req B3 Req B4 Req C1 Req C2 The January 1, Year 2, general ledger account balances are shown in the following accounting equation. Record the eight events in I general ledger accounts. Record the amounts of revenue, expense, and dividends in the Retained Earnings column. Provide the app these accounts in the last column of the table. The first event is shown as an example. (Enter any decreases to account balances wi there is no effect on the Account Titles for Retained Earnings, leave the cell blank. Not all cells require input.) Event Assets 2,000+ 30,000+ Cash 1/1/Year 2 1. 2. 3 4. 5. 6. 7 Totals 8. DAKOTA COMPANY Accounting Equation for Year 2 Stockholders' Equity M Liabilities Notes Common Land Retained Payable Stock Earnings 12,000 = 6,000+ 8,000 30,000+ 32,000 12,000 0+ 36,000+ 8.000 Account Titles for Retained Earnings Req A Req B1 Req B2 Req B3 Req B4 Req C1 Req C2 Prepare an income statement for the Year 2 accounting period. DAKOTA COMPANY Income Statement For the Year Ended December 31, Year 2 Service revenue $ 20,000 Utilities expense (1,000) Operating expense (15,000) Net income $ 4,000 Req A Req B1 Req B2 Req B3 Req B4 Req C1 Req C2 Prepare a statement of changes in equity for the Year 2 accounting period. DAKOTA COMPANY Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 2 Beginning common stock Plus: Common stock issued Ending common stock Beginning retained earnings ces Plus: Net income Less: Dividends Ending retained earnings Total stockholders' equity $ 6,000 30,000 36,000 8,000 4,000 (2,000) 10,000 $ 46,000 Prepare a year-end balance sheet for the Year 2 accounting period. DAKOTA COMPANY Balance Sheet As of December 31, Year 2 Assets Cash Land Total assets Liabilities Notes payable Total liabilities Stockholders' Equity Common stock $ 32,000 24,000 $ 10,000 36.000 $ 56,000 10,000 Total assets Liabilities Notes payable Total liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity ces Total liabilities and stockholders' equity 6 10,000 36,000 10,000 56,000 $ 10,000 46,000 56,000 Prepare a statement of cash flows for the Year 2 accounting period. (Cash outflows should be indi DAKOTA COMPANY Statement of Cash Flows For the Year Ended December 31, Year 2 Cash flows from operating activities: Cash receipts from customers 20,000 Cash payment for utilities expense (1,000) Cash payments for other operating expense (15,000) 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: $ 4.000 $ (12,000) (12,000) Cash paid to purchase land $ (12,000) Net cash flow from investing activities Cash flows from financing activities: Cash receipts from stock issue 30,000 Cash receipts from loan Cash payments for dividends 10,000 (2,000) Net cash flow from financing activities Net increase in cash Plus: Beginning cash balance Ending cash balance (12,000) 38,000 30.000 2,000 32,000 Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Req B4 Req C1 Req C2 Determine the percentage of assets that were provided by retained earnings. (Round your answer t Percentage of assets 17.9 % ces question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Req B4 Req C1 Req C2 Can you determine the cash in retained earnings? Can you determine the cash in retained earnings? Req C1