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

1. Received $18,000 cash from the issue of common stock.
 
2. Performed services on account for $55,000.
 
3. Paid the utility expense of $3,100.
 
4. Collected $36,830 of the accounts receivable.
 
5. Recorded $8,750 of accrued salaries at the end of the year.
 
6. Paid a $500 cash dividend to the stockholders.

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