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 $55,000 by issuing common stock. 2. Received $105,000 cash for providing services to customers. 3. Borrowed $16,000 cash from creditors. 4. Paid expenses amounting to $59,000. 5. Purchased land for $35,000 cash. Transactions for Year 2 Beginning account balances for Year 2 are: Cash Land Notes payable Common stock Retained earnings $82,000 35,000 16,000 55,000 46,000 1. Acquired an additional $21,000 from the issue of common stock. 2. Received $131,000 for providing services. 3. Paid $11,000 to creditors to reduce loan. 4. Paid expenses amounting to $74,000. 5. Paid a $14,500 dividend to the stockholders. 6. Determined that the market value of the land is $45,000. 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.

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 $55,000 by issuing common stock. 2. Received $105,000 cash for providing services to customers. 3. Borrowed $16,000 cash from creditors. 4. Paid expenses amounting to $59,000. 5. Purchased land for $35,000 cash. Transactions for Year 2 Beginning account balances for Year 2 are: 1. Acquired an additional $21,000 from the issue of common stock. 2. Received $131,000 for providing services. 3. Paid $11,000 to creditors to reduce loan. 4. Paid expenses amounting to $74,000. 5. Paid a $14,500 dividend to the stockholders. 6 . Determined that the market value of the land is $45,000. 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. Prepare a statement of changes in stockholders' equity for each year accounting period. (Amounts to be deduc indicated with minus sign.) MARK'S CONSULTING SERVICES Statement of Changes In Stockholders' Equity For the Year Ended December 31, Year 1 \begin{tabular}{|l|} \hline Beginning common stock \\ \hline Ending common stock \\ \hline Beginning retained earnings \\ \hline \\ \hline Ending retained earnings \\ \hline Total stockholders' equity \\ \hline \end{tabular} MARK'S CONSULTING SERVICES Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 2 \begin{tabular}{|l|l|} \hline Beginning common stock & \\ \hline & Ending common stock \\ \hline Beginning retained earnings & \\ \hline & \\ \hline & \\ \hline Ending retained earnings & \\ \hline Total stockholders' equity & \\ \hline \end{tabular} Req B1 Req B3 > 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 $55,000 by issuing common stock. 2. Recelved $105,000 cash for providing services to customers. 3. Borrowed $16,000 cash from creditors. 4. Paid expenses amounting to $59,000. 5. Purchased land for $35,000 cash. Transactions for Year 2 Beginning account balances for Year 2 are: 1. Acquired an additional $21,000 from the issue of common stock. 2. Received $131,000 for providing services. 3. Paid $11,000 to creditors to reduce loan. 4. Paid expenses amounting to $74,000. 5. Paid a $14,500 dividend to the stockholders. 6. Determined that the market value of the land is $45,000. 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 tities. 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. (Cash outflows should be indicated with a minus sign), Record the effects of each accounting event under the appropriate headings for each year. Record the amounts dividends in the Retained Earnings column. Provide approprlate titles for these accounts in the last column of ti account balances with a minus sign. If there is no effect on the Account Titles for Retained Earnings, leave the input.) Prepare a year-end balance sheet for each year accounting period. 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. Determine the amount of cash that is in the retained earnings account at the end of Year 1 and Year 2. Prepare an income statement for each year accounting period