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Milea Incorporated experienced the following events in Year 1 , its first year of operations:Received $ 1 5 , 0 0 0 cash from the

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.b-3. Prepare the balance sheet.
\table[[MILEA INCORPORATED],[As of December 31, Year 1,,],[Assets,,],[,,],[,,],[Total assets,,],[Liabilities,,],[,,],[,,],[Total liabilities,,],[Stockholders' Equity,,],[,,],[,,],[Total stockholders' equity,,],[Total liabilities and stockholders' equity,,]]
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