growie Saved 2 Required information Mark's Consulting experienced the following transactions for Year 1, its first year of operations, and Year 2. Assume that all transactions involve the receipt or payment of cash. Transactions for Year 1 1. Acquired $20,000 by issuing common stock 2. Received $35,000 for providing services to customers 3. Borrowed $25.000 cash from creditors. 4. Pald expenses amounting to $22,000. 5. Purchased land for $30,000 cash. G59 1 Transactions for Year 2 Beginning account balances for Year 2 are: Cash Land Botes payable Common stock Metained earnings 528,000 30.000 25,000 20,000 13.000 1. Acquired an additional $24,000 from the issue of common stock 2. Received $95.000 for providing services in Year 2 3. Paid $15.000 to reduce notes payable 4. Paid expenses amounting to 57500 5. Paid a $3,000 dividend to the stockholders 6. Determined that the market value of the land is $47.000. Required a. Record the effects of each accounting event under the appropriate headings for each year. Record the amounts of revenue, expense, and dividends in the Retained Earnings column. Provide appropriate ties for these accounts in the last column of the table (Enter any decreases to account balances with a minus sign. Not all cells require input.) MARKS CONSULTING Accounting Equation for Your 1 Liabilities Stockholders' Equity Notes Payable - Common Stock - Retained Lang Land Accounts for Read T 2 - 3 5 Totats Assets MARK'S CONSULTING Accounting Equation for Year 2 Liabilities Stockholders' Equity Notes Retained Payable - Common Stock + Earnings Event Cash Land Account Titles for Retained Earnings + + Beg bal 1. 2 3. + +++++ 111111 5. 6. +++ Totals + +