Mark's Consulting Services experienced the following transactions for Year 1, its first year of operations, and Year transactions involve the receipt or payment of cash. Transactions for Year 1 1. Acquired $20,000 by issuing common stock. 2. Received $35,000 for providing services to customers. 3. Borrowed $25,000 cash from creditors. 4. Paid expenses amounting to $22,000. 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 $ 28,000 30,000 25,000 20,000 13,000 1. Acquired an additional $24,000 from the issue of common stock. 2. Received $95,000 for providing services in Year 2. 3. Paid $15,000 to reduce notes payable. 4. Paid expenses amounting to $71,500. 5. Paid a $3,000 dividend to the stockholders. 6. Determined that the market value of the land is $47,000.

Mark's Consulting Services experienced the following transactions for Year 1, its first year of operations, and Yea transactions involve the receipt or payment of cash. Transactions for Year 1 1. Acquired $20,000 by issuing common stock. 2. Received $35,000 for providing services to customers. 3. Borrowed $25,000 cash from creditors. 4. Paid expenses amounting to $22,000. 5. Purchased land for $30,000 cash. Transactions for Year 2 Beginning account balances for Year 2 are: 1. Acquired an additional $24,000 from the issue of common stock. 2. Received $95,000 for providing services in Year 2. 3. Paid $15,000 to reduce notes payable. 4. Paid expenses amounting to $71,500. 5. Paid a $3,000 dividend to the stockholders. 6. Determined that the market value of the land is $47,000. Mark's Consulting Services experienced the following transactions for Year 1, its first year of operations, and Yea transactions involve the receipt or payment of cash. Transactions for Year 1 1. Acquired $20,000 by issuing common stock. 2. Received $35,000 for providing services to customers. 3. Borrowed $25,000 cash from creditors. 4. Paid expenses amounting to $22,000. 5. Purchased land for $30,000 cash. Transactions for Year 2 Beginning account balances for Year 2 are: 1. Acquired an additional $24,000 from the issue of common stock. 2. Received $95,000 for providing services in Year 2. 3. Paid $15,000 to reduce notes payable. 4. Paid expenses amounting to $71,500. 5. Paid a $3,000 dividend to the stockholders. 6. Determined that the market value of the land is $47,000