Question
Maben Company was started on January 1, 2018, and experienced the following events during its first year of operation: Acquired $30,000 cash from the issue
Maben Company was started on January 1, 2018, and experienced the following events during its first year of operation:
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Acquired $30,000 cash from the issue of common stock.
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Borrowed $42,000 cash from National Bank.
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Earned cash revenues of $58,000 for performing services.
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Paid cash expenses of $50,000.
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Paid a $2,000 cash dividend to the stockholders.
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Acquired an additional $30,000 cash from the issue of common stock.
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Paid $11,000 cash to reduce the principal balance of the bank note.
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Paid $51,000 cash to purchase land.
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Determined that the market value of the land is $71,000.
C. Identify the asset source transactions and related amounts for 2018. (Do not club any events.)
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