Leonard Enterprises experienced the following events during Year 2: Acquired $25,000 cash from the issue of common stock. Paid $25,000 cash to purchase land. Borrowed $10,000 cash. Provided services for $36,000 cash. Paid $1,000 cash for utilities expense. Paid $28,000 cash for other operating expenses. Paid a $3,875 cash dividend to the stockholders. Determined that the market value of the land purchased in Event 2 is now $27,500