Exercise 2-3A (Algo) Effect of accruals on the financial statements LO 2-1, 2-2, 2-3 [The following information applies to the questions displayed below.] Milea Inc. experienced the following events in Year 1, its first year of operations: 1. Received $15,000 cash from the issue of common stock. 2. Performed services on account for $45,000. 3. Paid the utility expense of $1,200. 4. Collected $37,300 of the accounts receivable. 5. Recorded $7,600 of accrued salaries at the end of the year. 6. Paid a $1,300 cash dividend to the stockholders. Exercise 2-3A (Algo) Part b b. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for the Year 1 accounting period. Complete this question by entering your answers in the tabs below. Prepare the income statement for the Year 1 accounting period