Fieldstone Company was founded on January $1,$ Year $1.$ During Year $1,$ the company experienced the following events:

Received cash revenue of $$28,500.$

Paid cash expenses of $$23,500.$

Issued common stock for $$31,000$ cash.

Paid cash dividend of $$2,100$ to stockholders.

Required:

a$.$ Show the effects of the above transactions on the accounting equation $($use appropriate element and account headings$).$

b$.$ Prepare the Year $1$ income statement and balance sheet for Fieldstone Company.

Complete this question by entering your answers in the tabs below.

ReqA

Req B$1$

Req B$2$

Prepare the Year $1$ income statement for Fieldstone Company.

$\backslash$table$[[$FIELDSTONE COMPANY$],[$Income Statement,$],[$For the Year Ended December $31,$ Year $1,],[,],[,],[,]]$