Fleldstone Company was founded on January $1,$ Year $1.$ Durlng Year $1,$ the company experlenced the following events:

Recelved cash revenue of $$29,300.$

Pald cash expenses of $$24,000.$

Issued common stock for $$32,800$ cash.

Pald cash dividend of $$2,700$ to stockholders.

Required:

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

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

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