Maben Company was started on January $1,$ Year $1,$ and experienced

the following events during its first year of operation:

Acquired $$30,000$ cash from the issue of common stock.

Borrowed $$40,000$ cash from National Bank.

Earned cash revenues of $$48,000$ for performing services.

Paid cash expenses of $$45,000.$

Paid a $$1,000$ cash dividend to the stockholders.

Acquired an additional $$20,000$ cash from the issue of common

stock.

Paid $$10,000$ cash to reduce the principal balance of the bank

note.

Paid $$53,000$ cash to purchase land.

Determined that the market value of the land is $$75,000.$

d$-1.$ Determine the net income that Maben would report on the Year $1$ income

statement.

Net income

d$-2.$ Will dividends appear in the income statement?

Yes

No