Dakota Company experienced the following events during Year 2: 1. Acquired $30,000 cash from the issue of common stock 2. Pald $12,000 cash to purchase land. 3. Borrowed $10.000 cash 4. Provided services for $20,000 cash 5. Paid $1000 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 Required o. The January 1, Year 2, account balances are shown in the following accounting equation Record the eight events in the appropriate accounts under an accounting equation 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. Does the retained earning balance reflect the amount of cash that the company has available to pay dividends? d. Based on the December 31, Year 2, balance sheet, what is the largest cash dividend Dakota could pay? d. Based on the December 31 Year 2 balance sheet what is the largest cash dividend Dakota could pay? Complete this question by entering your answers in the tabs below. Reg A Reg B1 Req B2 Req B3 Reg B4 Reg C and D The January 1, Year 2, account balances are shown in the following accounting equation. Record the eight events in the appropriate accounts under an equation. Record the amounts of revenue, expense, and dividends in the Retained Earnings column. Provide the appropriate titles for these accounts in of the table. The first event is shown as an example. (Enter any decreases to account balances with a minus sign. Not all cells require input.) Assets Event Cash Land DAKOTA COMPANY Accounting Equation for Year 2 Liabilities Stockholders' Equity Notes Common Stock- Retained Payable Earnings + 6,000+ 8,000 + 30,000+ Account Titles for Retained Earnings 12,000 Balance 1/1/Year 2 1 2 3 4 5 12.000 + 2.000 30.000 (12,000) 10,000 20,000+ (1.000) (15,000) (2.000) 10,000+ . + 20 000 Service revenue (1.000) Utilities expense (15,000) Operating expense (2.000) 6 7 8 Totals . + 32,000+ 24,700 10,000+ 36.000 10,000 Req 01 > Complete this question by entering your answers in the tabs below. Req A Reg B1 Req B2 Reg B3 Req B4 Reg C and D 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 Complete this question by entering your answers in the tabs below. Req A Req B1 Reg B2 Req B3 Req B4 ReqC and D 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 Plus Net income Less Dividends Ending retained earnings Total stockholders' equity Complete this question by entering your answers in the tabs below. ReqA Reg B1 Reg B2 Reg B3 Reg 14 Reg C and D Prepare a year-end balance sheet for the Year 2 accounting period. DAKOTA COMPANY Balance Sheet As of December 31, Year 2 Assets Total assets Liabilities 0 Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity Reg A Req B1 Req B2 Req B3 Reches Req C and D Prepare a statement of cash flows for the Year 2 accounting period. (Amounts to be deducted should be indicated with a minus sign.) DAKOTA COMPANY Statement of Cash Flows For the Year Ended December 31, Year 2 Cash flows from operating activities Net cash flow from operating activities Cash flows from investing activities: Net cash flow from investing activities Cash flows from financing activities Net cash flow from financing activities 0 Ending cash balance cash dividend Dakota could pay? Complete this question by entering your answers in the tabs below. Reg A Reg B1 Reg B2 Reg B3 Req 84 Reg C and D c-1. Determine the percentage of assets that were provided by retained earnings. (Round your answer to 1 decimal place (1.e., 0.234 should be entered as 23.4).) c-2. Does the retained earning balance reflect the amount of cash that the company has available to pay dividends? d. Based on the December 31, Year 2, balance sheet, what is the largest cash dividend Dakota could pay? Show less 0-1 Percentage of assets c-2 Does the retained eaming balance reflect the cash for dividends? d Ca dividend %