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Please answer using tables matching the questions. Required information Problem 2-20A (Algo) Showing how events affect the horizontal financial statements model LO 2-1 [The following
Please answer using tables matching the questions.
Required information Problem 2-20A (Algo) Showing how events affect the horizontal financial statements model LO 2-1 [The following information applies to the questions displayed below.] Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. Acquired $37,000 cash from the issue of common stock. 2. Borrowed $33,000 cash from National Bank. 3. Earned cash revenues of $55,000 for performing services. 4. Paid cash expenses of $48,500. 5. Paid a $1,700 cash dividend to the stockholders. 6. Acquired an additional $27,000 cash from the issue of common stock. 7. Paid $8,000 cash to reduce the principal balance of the bank note. 8 . Paid $60,000 cash to purchase land. 9. Determined that the market value of the land is $84,000. c. Identify the asset source transactions and related amounts for Year 1. Answer is not complete. d-1. Determine the net income that Maben would report on the Year 1 income statement. Answer is complete but not entirely correct. d-2. Will dividends appear in the income statement? Yes x NoStep by Step Solution
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