Help Save Problem 1-32A Preparing financial statements for two complete accounting cycles LO 1-2, 1-3, 1-5, 1-6, 1- 7 Book Mark's Consulting Services 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. Paid expenses amounting to $22.000 5. Purchased land for $30,000 cash. Transactions for Year 2 Ask erences Beginning account balances for Year 2 are: Cash Land Notes payable Common stock Retained earnings $28,000 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. Pald expenses amounting to $71,500. 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, Prev 1 of 1 il Next