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 $60,000 by issuing common stock. 2. Received $110,000 cash for providing services to customers. 3. Borrowed $17,000 cash from creditors. 4. Paid expenses amounting to $58.000. 5. Purchased land for $30,000 cash Transactions for Year 2 Beginning account balances for Year 2 are: Cash Land- Notes payable Common stock Retained earnings $99,000 30,000 17,000 60,000 52,000 1. Acquired an additional $22,000 from the issue of common stock. 2. Received $132,000 for providing services. 3. Paid $12,000 to creditors to reduce loan. 4. Paid expenses amounting to $73,000. 5. Paid a $14,000 dividend to the stockholders. 6. Determined that the market value of the land is $40,000.