Mark's 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 $130,000 cash for providing services to customers. 3. Borrowed $21,000 cash from creditors. 4. Paid expenses amounting to $54,000. 5. Purchased land for $40,000 cash Transactions for Year 2 Beginning account balances for Year 2 are: Cash Land $137,000 40,000 Notes payable 21,000 Common stock 80,000 Retained earnings 76,000 1. Acquired an additional $26,000 from the issue of common stock. 2. Received $136,000 for providing services. 3. Paid $16,000 to creditors to reduce loan. 4. Paid expenses amounting to $69,000. 5. Paid a $12,000 dividend to the stockholders 6. Determined that the market value of the land is $50,000.