I am not understanding how to make the sides balance. Please help me figure this out.

Background Information: The New Life Dance Company experienced the following events during 2019: 1 Acquired $40,000 cash from the issue of common stock 2 Paid $15,000 cash to purchase land 3 Borrowed $8,000 in cash 4 Paid $1,500 cash for utilities expense 5 Provided ballet services for $25,000 cash 6 Paid $17,000 cash for other operating expenses 7 Paid $3,200 cash dividend to the stockholders 8 Determined that the market value of the land purchase is now only $15,000 Note: There are drop downs for the Income Statement and Balance Sheet for the labels. a) Complete the accounting equation for the different transactions. The starting balances from January 1 have been included. Once you have completed this, you will have the needed information to complete the Income Statement and Balance Sheet Below. The New Life Dance Company Accounting Equation Event Assets Liabilities Stockholders Equity Account Title For Cash + Land = Notes Payable + Common Stock + Retained Earnings Retained Earnings Balance $ 3,000 $ 15,000 9,000 9,000 40,000 40,000 W N 4 5 6 7 8 Total $ 43,000 + $ 15,000 = + $ 49,000 + $ 9,000