NEED TO ANSWER QUESTION 9.

Determine the amount of total assets reported on the company's December 31, Year 1, balance sheet.

Determine the net income reported on the company's Year 1 income statement.

Required a. Show the effects of the Year 1 events on the company's financial statements. The first event is recorded as an example. (Enter any decreases to account balances with a minus sign. Leave cells blank if there is no effect.) Required information [The following information applies to the questions displayed below.] In Year 1, a company's first year of business, the following events occurred: 1. Received $32,000 from issuing common stock. 2. Received $38,000 from issuing a note to National Bank. 3. Received $50,000 when services were performed for customers. 4. Paid $46,000 for expenses used to provide services. 5. Paid $1,200 in dividends to stockholders. 6 . Received $22,000 from issuing additional common stock. 7. Paid $10,000 to reduce the balance of the note. 8. Paid $55,000 to purchase land. 9. Determined that the market value of the land is $77,000. (Hint: Assets used in a company's business, like land, are generally reported at historical cost in the financial statements.)