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

Received cash revenue of $$27,000.$

Paid cash expenses of $$20,100.$

Issued common stock for $$33,500$ cash.

Paid cash dividend of $$2,000$ 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.

Req A

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

Note: Enter any decreases to account balances with a minus sign. Leave cells blank if no input is needed.