Davidson Company was started on January 1, 2014, and experienced the following events during its first year of operation: 1. Acquired $52,000 cash from the issue of common stock. 2. Borrowed $20,000 cash from National Bank. 3. Earned cash revenues of $42,000 for performing services. 4. Paid cash expenses of $23,000. 5. Paid a $6,000 cash dividend to the stockholders. 6. Acquired an additional $10,000 cash from the issue of common stock. 7. Paid $10,000 cash to reduce the principal balance of the bank note. 8. Paid $45,000 cash to purchase land. 9. Determined that the market value of the land is $55,000