ollie company experienced the following events during its first year of operations.

1. Acquired $72,000 cash from the issue of common stock. 2. borrowed $26,000 from the first City Bank. 3. earned $59,000 of cash Revenue. 4. incurred $43,000 of cash expenses. 5. paid a $7,000 cash dividend. 6. paid $43,000 to purchase land.

4 Required a. Identify the events that will affect the income statement. (Select all that apply.) Event #1 Event #2 Event #3 Event #4 Event #5 | Event #6 10 points eBook Hint Print References b. Prepare an income statement that shows the results of Year 1 operations. OLLIE COMPANY Income Statement For the Year Ended December 31, Year 1 Mc Graw