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

Received $15,500 cash from the issue of common stock.

Performed services on account for $45,000.

Paid the utility expense of $1,200.

Collected $30,560 of the accounts receivable.

Recorded $5,350 of accrued salaries at the end of the year.

Paid a $1,450 cash dividend to the stockholders.