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cash tirst year of operations, and Year 2. Assume that all transactions Transactions for Year 1 1. Acquired $20,000 by issuing common stock 2. Received $35.000 cash for providing services to customers 3. Borrowed $25,000 cash from creditors 4. Pald expenses amounting to $22.000 5. Purchased land for $30,000 cash Transactions for Year 2 Beginning account balances for Year 2 are: Cash Land Notes payable Connon stock Retained earnings $20,000 30,000 25,000 20,000 13,008 1. Acquired an additional $24,000 from the issue of common stock. 2. Received $95.000 for providing services 3. Paid $15,000 to creditors to reduce loan 4. Paid expenses amounting to $7500 5. Paid a $3,000 dividend to the stockholders 6. Determined that the market value of the land is $47.000 Required a. Record the effects of each accounting event under the appropriate headings for each year Record the amounts of revenue expense, and dividends in the Retained Earnings column. Provide appropriate for these accounts in the last column of the table b-1. Prepare an income statement for each year accounting period b-2. Prepare a statement of changes in stockholders' equity for each year accounting period CI Required a. Record the effects of each accounting event under the appropriate headings for each year, Record the amounts of revenue, expense, and dividends in the Retained Earnings column. Provide appropriate titles for these accounts in the last column of the table. b-1. Prepare an income statement for each year accounting period. b-2. Prepare a statement of changes in stockholders' equity for each year accounting period, b-3. Prepare a year-end balance sheet for each year accounting period. b-4. Prepare a statement of cash flows for each year accounting period, c. Determine the amount of cash that is in the retained earnings account at the end of Year 1 and Year 2 e. Determine the balance in the Retained Earnings account immediately after Event 2 in Year 1 is recorded and after Event 2 in Year 2 is recorded. Complete this out y period. (Cash outflows should MARK'S CONSULTING SERVICES Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities Net cash flow from operating activities Cash flows from investing activities $ 0 Net cash flow from investing activities Cash flows from financing activities 0 Net cash flow from financing activities 0 Ending cash balance $ 0 MARK'S CONSULTING SERVICES Statement of Cash Flows For the Year Ended December 31, Year 2 Cash flows from operating activities $ Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net cash flow from financing activities 0 Ending cash balance $ 0