In Year 1, the first year of business, Legal Eagles had the following transactions: 1. Provided services to customers on account for $92,000. 2. Provided services to customers for cash for $52,000. 3. Incurred $52,000; of expenses on account. 4. Paid $21,000 to employees for salaries. 5. Received $66,000 from customers on account. 6. Paid $25,000 on accounts payable. 7. Paid dividends of $8,000 to stockholders. 8. Salaries owed to employees were $4,400 at the end of Year 1. Required a. Show the effects of the transactions on the accounting equation/financial statements. Leave the space blank if there is no effect. b. What is the amount of total assets at the end of Year 1? c. What is the balance of accounts receivable at the end of Year 1? d. What is the balance of accounts payable at the end of Year 1? e. What is net income for Year 1? Complete this question by entering your answers in the tabs below. Req A Req B to E Show the effects of the transactions on the accounting equation/financial statements. (Enter any decreases to account balances with a minus sign. Leave cells blank if the transaction had no effect. Do not enter amounts in the black cells.) LEGAL EAGLES Assets Liabilities ACCOUNTING EQUATION/FINANCIAL STATEMENTS Year 1 Stockholders' Equity Event Accounts Cash Receivable Accounts Payable Salaries Payable 1. 92,000 2. 52,000 3. 52,000+ Income Statement Revenue Expense = Net Income 92,000 52,000 92,000 52,000 92,000 0 52,000 = 4. (21,000) 5. 66,000 (21,000) 66,000 66,000 6. (25,000) 7. (8,000) (8,000) (8,000) 8. (4,400) + (4,400) Totals 23,000 + 158,000 = 22,600 + (8,000) + 176,600 210,000 52,000 = 92,000