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

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

2. Borrowed $42,000 cash from National Bank.

3. Earned cash revenues of $58,000 for performing services.

4. Paid cash expenses of $50,000.

5. Paid a $2,000 cash dividend to the stockholders.

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

7. Paid $11,000 cash to reduce the principal balance of the bank note.

8. Paid $51,000 cash to purchase land.

9. Determined that the market value of the land is $71,000.

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

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

multiple choice

• Yes

• No