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

1. Received $20,000 cash from the issue of common stock.
2. Performed services on account for $56,000.
3. Paid the utility expense of $2,500.
4. Collected $48,000 of the accounts receivable.
5. Recorded $10,000 of accrued salaries at the end of the year.
6. Paid a $2,000 cash dividend to the stockholders.