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Dakota Company experienced the following events during Year 2: Acquired $30,000 cash from the issue of common stock. Paid $12,000 cash to purchase land. Borrowed
Dakota Company experienced the following events during Year 2:
- Acquired $30,000 cash from the issue of common stock.
- Paid $12,000 cash to purchase land.
- Borrowed $10,000 cash.
- Provided services for $20,000 cash.
- Paid $1,000 cash for utilities expense.
- Paid $15,000 cash for other operating expenses.
- Paid a $2,000 cash dividend to the stockholders.
- Determined that the market value of the land purchased in Event 2 is now $12,700.
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 $0 Liabilities Total liabilities $0 Stockholders' Equity Total stockholders' equity 0 Total liabilities and stockholders' equity $0
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