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

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Required information The following information applies to the questions displayed below.) Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. Acquired $35,000 cash from the issue of common stock. 2. Borrowed $47,000 cash from National Bank. 3. Earned cash revenues of $63,000 for performing services. 4. Pald cash expenses of $52,500. 5. Paid a $2,500 cash dividend to the stockholders. 6. Acquired an additional $35,000 cash from the issue of common stock. 7. Paid $12,000 cash to reduce the principal balance of the bank note. 8. Pald $46,000 cash to purchase land. 9. Determined that the market value of the land is $64,000. Required a. Use a horizontal statements model to show how each event affects the balance sheet, income statement, and statement of cash s. Also, in the Cash Flows column, classify the cash flows as operating activities (OA), Investing activities (IA), or financing activities (FA), net change in cash (NC) and NA to Indicate the element is not affected by the event. The first event is shown as an example. (Enter any decreases to account balances and cash outflows with a minus sign.) Event No. Assets Cash + Land MABEN COMPANY Horizontal Statements Model for Year 1 Balance Sheet Income Statement = Liabilities + Stockholders' Equity Net Notes Common Retained Revenue - Expense = Income Payable S tock Earnings 35,000 + Statement of Cash Flows 35,000 + 35,000 FA 11111111111 Total 35,000 + + 35,000 + 0 0 35,000 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