Maben Company was started on January 1, 2016, and experienced the following events during its first year of operation:

1.	Acquired $37,000 cash from the issue of common stock.
2.	Borrowed $33,000 cash from National Bank.
3.	Earned cash revenues of $55,000 for performing services.
4.	Paid cash expenses of $48,500.
5.	Paid a $1,700 cash dividend to the stockholders.
6.	Acquired an additional $27,000 cash from the issue of common stock.
7.	Paid $8,000 cash to reduce the principal balance of the bank note.
8.	Paid $60,000 cash to purchase land.
9.	Determined that the market value of the land is $84,000.