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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
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 $1,000.
- Collected $37,920 of the accounts receivable.
- Recorded $8,050 of accrued salaries at the end of the year.
- Paid a $1,350 cash dividend to the stockholders.
Exercise 2-3A (Algo) Part b
- Prepare the income statement, statement of changes in stockholders equity, balance sheet, and statement of cash flows for the Year 1 accounting period.
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