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Dakota Company experienced the following events during Year 2. 1. Acquired $20,000 cash from the issue of common stock. 2. Paid $25,000 cash to purchase land. 3. Borrowed $10,000 cash. 4. Provided services for $50,000 cash. 5. Paid $1,500 cash for utilities expense. 6. Paid $35,500 cash for other operating expenses. 7. Paid a $5,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $28,000. Required a. The January 1, Year 2, general ledger account balances are shown in the following accounting equation. Record the eight events i the appropriate general ledger accounts. Record the amounts of revenue, expense, and dividends in the Retained Earnings column. Provide the appropriate titles for these accounts in the last column of the table. The first event is shown as an example. (Enter any decreases to account balances with a minus sign. Select "NA" if there is no effect on the "Account Titles for Retained Earnings".) Event Balance 1/1/Year 2 + + Assets Cash + 17,500 + 20,000 + (25,000) + 10,000+ 50,000 + (1,500) + (35,000) + (5,000) DAKOTA COMPANY Accounting Equation for Year 2 = Liabilities + Stockholders' Equity Account Titles for Notes , Common . Retained Land Retained Earnings = Payable Stock * Earnings 22,500 = 25,000 + 10,000 + 5,000 20,000 + NA 25,000 + NA = 10,000 50,000 Service revenue (1,500) Utilities expense (35,000) Operating expense (5,000) Dividends 47,500 = 35,000 + 30,000 13,500 + + NA 4. + + + + 6. + + + + + + + Totals 31,000 + + b-1. Prepare an income statement for the Year 2 accounting period. DAKOTA COMPANY Income Statement For the Year Ended December 31, Year 2 Service revenue $ 50,000 Utilities expense 1,500 Operating expense 35,000 Net income 1 $ 13,500 b-2. Prepare a statement of changes in equity for the Year 2 accounting period. DAKOTA COMPANY Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 2 Beginning common stock $ 10,000 Plus: Common stock issued 20,000 Ending common stock $ Beginning retained earnings $ 5,000 Plus: Net income 13,500 Less: Dividends 5,000 Ending retained earnings Total stockholders' equity $ 30,000 13,500 43,500 b-3. Prepare a year-end balance sheet for the Year 2 accounting period. DAKOTA COMPANY Balance Sheet As of December 31, Year 2 Assets Cash Land I Total assets Liabilities Notes payable Total liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity b-4. Prepare a statement of cash flows for the Year 2 accounting period. (Amounts to be deducted should be indicated with a minus sign.) DAKOTA COMPANY Statement of Cash Flows For the Year Ended December 31, Year 2 Cash flows from operating activities: Net cash flow from operating activities Cash flows from investing activities: Net cash flow from investing activities Cash flows from financing activities: Net cash flow from financing activities Ending cash balance C-1. Determine the percentage of assets that were provided by retained earnings. (Round your answer to 1 decimal place.) Percentage of assets c-2. Does the retained earning balance reflect the amount of cash that the company has available to pay dividends? Yes d. Based on the December 31, Year 2, balance sheet, what is the largest cash dividend Dakota could pay? Cash dividend