Milea Incorporated experienced the following events in Year $1,$ its first year of operations:

Received $$15,000$ cash from the issue of common stock.

Performed services on account for $$45,000.$

Paid the utility expense of $$1,100.$

Collected $$39,640$ of the accounts receivable.

Recorded $$6,050$ of accrued salaries at the end of the year.

Paid a $$1,300$ cash dividend to the stockholders.

Exercise $2-8$A $($Algo$)$ Part b

b$-1.$ Prepare the income statement.

$\backslash$table$[[$MILEA INCORPORATED,$],[$Income Statement,,$],[,,],[,,],[$Forpenses the Year Ended December $31,$ Year $1,,],[,,],[,,],[,,],[$Total expenses,,$],[,,]]$

b$-2.$ Prepare the statement of changes in stockholders' equity.

MILEA INCORPORATED

Statement of Changes in Stockholders' Equity

For the Year Ended December $31,$ Year $1$