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 Incorporated 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 $1,400. 4. Collected $33,170 of the accounts receivable. 5. Recorded $7,900 of accrued salaries at the end of the year. 6. Paid a $1,250 cash dividend to the stockholders.