Mark's Consulting Services experienced the following transactions for Year 1, its first year of operations, and Yeal transactions involve the receipt or payment of cash. Transactions for Year 1 1. Acquired $50,000 by issuing common stock. 2. Received $100,000 for providing services to customers. 3. Borrowed $15,000 cash from creditors. 4. Paid expenses amounting to $60,000 5. Purchased land for $40,000 cash Transactions for Year 2 Beginning account balances for Year 2 are: 1. Acquired an additional $20.000 from the issue of common stock 2. Received $130.000 for providing seivices in Year 2 3. Paid $10.000 to reduce notes payable. 4. Paid expenses amounting to $75000 5. Paid o $15.000 dividend to the stocknolders. 6. Delermined that the market value of the iand is 550,000 Maik's Consulung Services experienced the foliowing transactions for Year t iss fint year of operatons, and Year?. Assume that all transactions involve the receipt of pogment of cast Transactians for Yeiv 1 1. Acquird $50.000 by is sung comnan weck 2. Rectewed $100000 for providing services to cuttorners 3. Boriowed 515,000 cash fiom creditoes A. Pild evpenses amounting to 500.000 5. Furchased iand foa $40000cash Tractactioos for Year 2 Qeginning acceura balances for Yew 2 are 2. Recthed \$1j0000 soc prowing sehuche in Yrar 2 3. Paid 510,000 to resuce nores porutue 4. Paich evpenses amounting to the 000 5. Faid a 515 oge oividend to the mockselark 5. Dereimiked that the manthet valie of the land is 590.000 account balances with a minus fign.? Prepare an income statement for each year accounting period. MARKS CONSULTING SERVICES Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 1 10 points \begin{tabular}{|l|l|} \hline Beginning common stock & \\ \hline & \\ \hline Ending common stock \\ \hline Beginning retained earnings \\ \hline & \\ \hline Ending retained earnings \\ \hline Total stockholder' equity \\ \hline MARK'S CONSULTING SERVICES \\ \hline \end{tabular} Statement of Changes in Stockholder' Equity For the Year Ended December 31, Year 2 \begin{tabular}{|l|l|} \hline Beginning common stock & \\ \hline & \\ \hline \end{tabular} Ending common stock Beginning retained earnings Ending retained earnings Total stockholders equity