Exercise 1-19A Preparing financial statements LO 1-7, 1-8, Dakota Company experienced the following events during 2018: 1. Acquired $25,000 cash from the issue of common stock. 2. Paid $10,000 cash to purchase land. 3. Borrowed $10,000 cash. 4. Provided services for $35,000 cash. 5. Paid $2,000 cash for utilities expense. 6. Paid $20,000 cash for other operating expenses. 7. Paid a $4,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $15,000. Required a. The January 1, 2018, 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 2018 accounting period. b-2. Prepare a statement of changes in equity for the 2018 accounting period. b-3. Prepare a year-end balance sheet for the 2018 accounting period. b-4. Prepare a statement of cash flows for the 2018 accounting period. c. Determine the percentage of assets that were provided by retained earnings. Can you determine the cash in retained earnings? Complete this question by entering your answers in the tabs below. Req A A Req B1 Req B2 Req B3 Req B4 Reqc The January 1, 2018, 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. Select "NA" if there is no effect on the "Account Titles for Retained Earnings".) Show less Assets DAKOTA COMPANY Accounting Equation for 2018 Liabilities + Stockholders' Equity Notes Land Retained Common + Payable Stock Earnings 10,000 = 10,000 + 2,000 + 3,000 Event Account Titles for Retained Earnings Cash + 5,000 + Bal. 1/1/2018 1. 25,000 + + 25,000 + NA 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 Req B3 Req B4 Reg C Prepare an income statement for the 2018 accounting period. DAKOTA COMPANY Income Statement For the Year Ended December 31, 2018 Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Req B4 Reqc Prepare a statement of changes in equity for the 2018 accounting period. DAKOTA COMPANY Statement of Changes in Stockholders' Equity For the Year Ended December 31, 2018 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. Req A Req B1 Req B2 Req B3 Req B4 Reg C Prepare a year-end balance sheet for the 2018 accounting period. DAKOTA COMPANY Balance Sheet As of December 31, 2018 Assets Total assets Liabilities Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity ( Req B2 Req B4 > Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Req B4 Reqc Prepare a statement of cash flows for the 2018 accounting period. (Amounts to be deducted should be indicated with a minus sign.) DAKOTA COMPANY Statement of Cash Flows For the Year Ended December 31, 2018 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