Exercise 1-15A (Static) Preparing an income statement and a balance sheet LO 1-7 Majka Company was started on January 1, Year 1. During Year 1, the company experienced the following accounting events: (1) Issued 50,000 worth of common stock (2) earned cash revenues of $33,700, (3) paid cash expenses of $14,900, and (4) paid a $3,200 cash dividend to its stockholders. These were the only events that affected the company during Year 1. Required a. Record the effects of each accounting event under the appropriate general ledger account headings. b. Prepare an income statement, statement of changes in stockholders' equity, and a balance sheet dated December 31, Year 1, for Majka Company. Complete this question by entering your answers in the tabs below. Required 8 Inc Required A Stmt Required B Stmt of Changes Required B Bal Sheet Record the effects of each accounting event under the appropriate general ledger account headings. (Enter any decreases to account balances with a minus sign.) MAJKA COMPANY Accounting Equation for Year 1 Assets Event Cash 1. 2 3. Liabilities . Stockholders' Equity Common Retained Stock Earnings . + + 4. + Ending balance 0 0+ 10+ 0 Required B Required B Inc Required B Bal Required A Stmt of Stmt Sheet Changes Prepare an income statement dated December 31, Year 1, for Majka Company. MAJKA COMPANY Income Statement: For the Year Ended December 31, Year 1 $ Complete this question by entering your answers in the tabs below. Required A Required 8 Inc Stmt Required B Stmt of Changes Required B Bal Sheet Prepare a statement of changes in stockholders' equity dated December 31, Year 1, for Majka Company. MAJKA COMPANY Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 1 Beginning common stock Ending common stock Beginning retained eamings Ending retained earnings Total stockholders' equity $ Complete this question by entering your answers in the tabs below. Required A Required B Inc Stmt Required B Stmt of Required B Bal Sheet Changes Prepare a balance sheet dated December 31, Year 1, for Majka Company. MAJKA COMPANY Balance Sheet As of December 31, Year 11 Assets Total assets Liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity $ 0 0 $