Exercise 1-6A Effect of transactions on general ledger accounts LO 1-4 At the beginning of Year 2, Better Corp's accounting records had the following general ledger accounts and balances. BETTER CORP. Accounting Equation Event Assets Stockholders' Equity Cash Land Notes Payable Common Stock Retained Earnings Balance 01/01/Year 2 19,000 29,000 12,900 7.900 27,200 Accounting Titles for Retained Earnings Better Corp.completed the following transactions during Year 2: 1. Purchased land for $9,500 cash. 2. Acquired $34.000 cash from the issue of common stock. 3. Received $73,000 cash for providing services to customers. 4. Paid cash operating expenses of $41,100. 5. Borrowed $19,000 cash from the bank. 6. Paid a $9,500 cash dividend to the stockholders. 7. Determined that the market value of the land purchased in event is $44.000 Required a. Record the transactions 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. b. As of December 31, Year 2, determine the total amount of assets, liabilities, and stockholders' equity and present this information in c. What is the amount of total assets, liabilities, and stockholders' equity as of January t. Year 3? Complete this question by entering your answers in the tabs below. Required A Required B Required C Record the transactions 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. (Enter any decreases to account balances with a minus sign Select "NA" if there is no effect on the "Accounts Titles for Retained Earnings) BETTER CORPORATION Accounting Equation for Year 1 Event Assets Liabilities Stockholders' Equity Accounts Titles for Notes Land Retained Cash Common Retained Earnings Payable Stock Earnings Balance 1/1/Year 2 19,000 29,000 12.900 7.900 27 200 1 2 3 4 5 6 7 ... Totals Bu