Marks Consulting experienced the following transactions for Year 1, its first year of operations, and Year 2. Assume that all transactions involve the receipt or payment of cash.

Transactions for Year 1

1. Acquired $80,000 by issuing common stock.
2. Received $105,000 cash for providing services to customers.
3. Borrowed $17,000 cash from creditors.
4. Paid expenses amounting to $54,000.
5. Purchased land for $30,000 cash.

Transactions for Year 2

Beginning account balances for Year 2 are:

Cash	$118,000
Land	30,000
Notes payable	17,000
Common stock	80,000
Retained earnings	51,000

1. Acquired an additional $25,000 from the issue of common stock.
2. Received $136,000 for providing services.
3. Paid $12,000 to creditors to reduce loan.
4. Paid expenses amounting to $61,000.
5. Paid a $14,000 dividend to the stockholders.
6. Determined that the market value of the land is $40,000.

Required:

a. Record the effects of each accounting event under the appropriate headings for each year. Record the amounts of revenue, expense, and dividends in the Retained Earnings column. Provide appropriate titles for these accounts in the last column of the table.

b-1. Prepare an income statement for each year accounting period.

b-2. Prepare a statement of changes in stockholders equity for each year accounting period.

b-3. Prepare a year-end balance sheet for each year accounting period.

b-4. Prepare a statement of cash flows for each year accounting period.

c. Determine the amount of cash that is in the retained earnings account at the end of Year 1 and Year 2.

e. Determine the balance in the Retained Earnings account immediately after Event 2 in Year 1 is recorded and after Event 2 in Year 2 is recorded.

MY CASH FLOW STATEMENT IS NOT COMPLETE PLEASE FILL IN WHAT IM MISSING

\begin{tabular}{||l|c|c|} \hline \multicolumn{3}{|c|}{ MARK'S CONSULTING } \\ \hline \multicolumn{2}{|c|}{ For the Year Ended December 31, Year 1 } \\ \hline Cash flows from operating activities & & \\ \hline Cash receipts from customers & $105,000 & \\ \hline Cash payments for expenses & (54,000) & \\ \hline & & \\ \hline Net cash flow from operating activities & & $51,000 \\ \hline Cash flows from investing activities & & \\ \hline Cash payment for land & $(30,000) & \\ \hline & & \\ \hline & & (30,000) \\ \hline Net cash flow from investing activities & & \\ \hline Cash flows from financing activities & $80,000 & \\ \hline Cash receipts from stock issue & 17,000 & \\ \hline Cash receipts from borrowed funds & & \\ \hline \multicolumn{2}{|c|}{} & \\ \hline Net cash flow from financing activities & & 97,000 \\ \hline Net increase in cash & & 118,000 \\ \hline Plus: Beginning cash balance & & \\ \hline Ending cash balance & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|} \hline \\ \hline \multicolumn{3}{|l|}{ MARK'S CONSULTING } \\ \hline \multicolumn{3}{|l|}{ Statement of Cash Flows } \\ \hline \multicolumn{3}{|c|}{ For the Year Ended December 31, Year 2} \\ \hline \multicolumn{3}{|l|}{ Cash flows from operating activities } \\ \hline Cash receipts from customers & $136,000 & \\ \hline Cash payments for expenses & (61,000) & \\ \hline Net cash flow from operating activities & & $75,000 \\ \hline \multicolumn{3}{|l|}{ Cash flows from investing activities } \\ \hline Net cash flow from investing activities & & 0 \\ \hline \multicolumn{3}{|l|}{ Cash flows from financing activities } \\ \hline Cash receipts from stock issue & $25,000 & \\ \hline Cash payment on debt & (12,000) & \\ \hline Cash payment for dividends & (14,000) & \\ \hline Net cash flow from financing activities & & (1,000) \\ \hline Net increase in cash & & 74,000 \\ \hline Plus: Beginning cash balance & & 118,000 \\ \hline Ending cash balance & & $192,000 \\ \hline \end{tabular}