In Year 1, Lee Incorporated billed its customers $56,800 for services performed. The company collected $40,400 of the amount billed. Lee incurred $37,200 of other operating expenses on account, and paid $24,100 of the accounts payable. It acquired $23,000 cash from the issue of common stock and invested $20,000 cash in the purchase of land. Required: (Hint: Identify the six events described in the paragraph and record them in accounts under an accounting equation before attempting to answer the