Dakota Company experienced the following events during Year 2: 1. Acquired $40,000 cash from the issue of common stock. 2. Paid $22,000 cash to purchase land. 3. Borrowed $20,000 cash. 4. Provided services for $45,000 cash. 5. Paid $11,000 cash for utilities expense. 6. Paid $20,000 cash for other operating expenses. 7. Paid a $15,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $22,700. 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. How much cash is in the Retained Earnings account? Complete this question by entering your answers in the tabs below. Req A Reg B1 Reg B2 Req B3 Req B4 Reg C1 Reg C2 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. (Enter any decreases to account balances with a minus sign.) Show less Assets Event Account Titles for Retained Earnings Cash DAKOTA COMPANY Accounting Equation for Year 2 Liabilities Stockholders' Equity Notes Common Retained Land Payable Stock Earnings 22,000 = 0 + 16,000 + 17,000 + 40,000 + + 12,000 + 40,000 + = Beginning balance 1. 2. 3. + = + + - + + 4. + = + 5. + + 6. + = + + + 7. 8. + Totals = Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Reg B3 Req B4 Req c1 Reg C2 Prepare an income statement for the Year 2 accounting period. DAKOTA COMPANY Income Statement For the Year Ended December 31, Year 2 Complete this question by entering your answers in the tabs below. Reg A Reg B1 Reg B2 Req B3 Req B4 Req c1 Reg 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 Ending common stock Beginning retained earnings Ending retained earnings Total stockholders' equity Complete this question by entering your answers in the tabs below. Reg A Req B1 Req B2 Req B3 Reg B4 Reg ci Reg C2 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 Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity Complete this question by entering your answers in the tabs below. Req A Req B1 Reg B2 Req B3 Reg B4 Reg C1 Reg C2 Prepare a statement of cash flows for the Year 2 accounting period. (Cash outflows 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 Ending cash balance Complete this question by entering your answers in the tabs below. Req A Req B1 Reg B2 Reg B3 Reg B4 Reg C1 Reg C2 Determine the percentage of assets that were provided by retained earnings. (Round your answer to 1 decimal place.) Percentage of assets % Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Reg B3 Req B4 Reg C1 Reg C2 How much cash is in the Retained Earnings account? How much cash is in the Retained Earnings account? Dakota Company experienced the following events during Year 2: 1. Acquired $40,000 cash from the issue of common stock. 2. Paid $22,000 cash to purchase land. 3. Borrowed $20,000 cash. 4. Provided services for $45,000 cash. 5. Paid $11,000 cash for utilities expense. 6. Paid $20,000 cash for other operating expenses. 7. Paid a $15,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $22,700. 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. How much cash is in the Retained Earnings account? Complete this question by entering your answers in the tabs below. Req A Reg B1 Reg B2 Req B3 Req B4 Reg C1 Reg C2 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. (Enter any decreases to account balances with a minus sign.) Show less Assets Event Account Titles for Retained Earnings Cash DAKOTA COMPANY Accounting Equation for Year 2 Liabilities Stockholders' Equity Notes Common Retained Land Payable Stock Earnings 22,000 = 0 + 16,000 + 17,000 + 40,000 + + 12,000 + 40,000 + = Beginning balance 1. 2. 3. + = + + - + + 4. + = + 5. + + 6. + = + + + 7. 8. + Totals = Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Reg B3 Req B4 Req c1 Reg C2 Prepare an income statement for the Year 2 accounting period. DAKOTA COMPANY Income Statement For the Year Ended December 31, Year 2 Complete this question by entering your answers in the tabs below. Reg A Reg B1 Reg B2 Req B3 Req B4 Req c1 Reg 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 Ending common stock Beginning retained earnings Ending retained earnings Total stockholders' equity Complete this question by entering your answers in the tabs below. Reg A Req B1 Req B2 Req B3 Reg B4 Reg ci Reg C2 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 Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity Complete this question by entering your answers in the tabs below. Req A Req B1 Reg B2 Req B3 Reg B4 Reg C1 Reg C2 Prepare a statement of cash flows for the Year 2 accounting period. (Cash outflows 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 Ending cash balance Complete this question by entering your answers in the tabs below. Req A Req B1 Reg B2 Reg B3 Reg B4 Reg C1 Reg C2 Determine the percentage of assets that were provided by retained earnings. (Round your answer to 1 decimal place.) Percentage of assets % Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Reg B3 Req B4 Reg C1 Reg C2 How much cash is in the Retained Earnings account? How much cash is in the Retained Earnings account