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. Pald 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 Notes payable Common stock Retained earnings $137,000 40,000 21,000 80,000 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 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, 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. Complete this question by entering your answers in the tabs below. Req A Req B1 Reg B2 Req B3 Req B4 Reqc Reg E 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. (Enter any decreases to account balances with a minus sign. If there is no effect on the Account Titles for Retained Earnings, leave the cell blank. Not all cells will require input.) Show less Assets MARK'S CONSULTING SERVICES Accounting Equation for Yoar 1 Liabilities Stockholders' Equity Notes Common Retained Payable Stock Earnings + Event Account Titles for Retained Earnings Cash + Land 1. + + + + 2 3 + 4 4. + + 5. + Totals + MARK'S CONSULTING SERVICES 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. Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Reg B4 Reqc Req E Prepare an income statement for each year accounting period. MARK'S CONSULTING SERVICES Income Statement For the Year Ended December 31, Year 1 MARK'S CONSULTING SERVICES Income Statement For the Year Ended December 31, Year 2 ( ReqA Req B2 > Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Req B4 Reg C ReqE Prepare a statement of changes in stockholders' equity for each year accounting period. (Amounts to be deducted should be indicated with minus sign.) MARK'S CONSULTING SERVICES Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 1 Beginning common stock Ending common stock Beginning retained earnings Ending retained earnings Total stockholders' equity MARK'S CONSULTING SERVICES Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 2 Beginning common stock Ending common stock Beginning retained earnings Ending retained earnings Total stockholders' equity Req A Req B1 Reg B2 Reg B3 Reg B4 Reqc Reg E Prepare a year-end balance sheet for each year accounting period. MARK'S CONSULTING SERVICES Balance Sheet As of December 31, Year 1 Assets Total assets Liabilities Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity MARK'S CONSULTING SERVICES Balance Sheet As of December 31, Year 2 Assets Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity MARK'S CONSULTING SERVICES Balance Sheet As of December 31, Year 2 Assets Total assets Liabilities Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity 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. Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Req B4 Reqc ReqE Determine the amount of cash that is in the retained earnings account at the end of Year 1 and Year 2. Year 1 Retained earnings Year 2 ounting to $69,000. 5. Paid a $12,000 dividend to the stockholders. 6. Determined that the market value of the land is $50,000 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. Complete this question by entering your answers in the tabs below. Req A Req B1 Reg B2 Reg B3 Req B4 Reqc Req 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. Year 1 Year 2 Retained earnings