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

1. Received $12,500 cash from the issue of common stock.
2. Performed services on account for $45,000.
3. Paid the utility expense of $1,050.
4. Collected $39,450 of the accounts receivable.
5. Recorded $8,400 of accrued salaries at the end of the year.
6. Paid a $1,150 cash dividend to the stockholders.

Prepare the income statement, statement of changes in stockholders equity, balance sheet, and statement of cash flows for the Year 1 accounting period.