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. Required: a. Record the events in accounts under an accounting equation. In the last column of the table, provide appropriate account titles for the Retained Earnings amounts. The first transaction has been recorded as an example. Note: Enter any decreases to account balances with a minus sign. Not all cells require an input leave cells blank if there is no corresponding Retained Earnings input needed. Assets Event Cash Accounts Receivable 1. 20,000 MILEA INCORPORATED Accounting Equation For the Year Ended December 31, Year 1 Liabilities 4 Stockholders' Equity Salaries Payable Accounts Titles for . Common Retained Stock Earnings 20,000 Retained Earnings 2. 3. 4. 5. 6. Totals 20,000 0 + 20,000