Effect of transactions on general ledger accounts At the beginning of Year 2. Master Corp's accounting records had the following general ledger accounts and balances: MASTER CORP Event Cash dish Land Notes Payable Common Retained Stock Earnings Balance 1/1/Year 2 |20,00050,000 35.000 25,000 10,000 Master Corp. completed the following transactions during Year 2: 1. Purchased land for $12,000 cash. 2. Acquired $20,000 cash from the issue of common stock 3. Received $50,000 cash for providing services to customers. 4. Paid cash operating expenses of $42.000. 5. Borrowed $20,000 cash from the bank. 6. Paid a $2.000 cash dividend to the stockholders. 7. Determined that the market value of the land purchased in Event 1 is $70,000. Question 2 Refer to the previous question about Master Corp. What is the amount of total assets, liabilities, and stockholders' equity as of January 1, Year 3