Please see attached file and show all work for Question 1 and Question 2. Additionally, please ensure all "Required information is added and answered". Thank you,

Module 1 Question 1: Webster Consulting experienced the following transactions for 2012, its first year of operations, and 2013. Assume that all transactions involve the receipt or payment of cash. Transactions for 2012 1. Acquired $20,000 by assuming common stock. 2. Received $35,000 cash for providing services to customers. 3. Borrowed $25,000 cash from creditors. 4. Paid expenses amounting to $22,000 5. Purchased land for $30,000 cash. Transactions for 2013 Beginning account balances for 2013 are: Cash Land Notes Payable Common Stock Retained Earnings 1. 2. 3. 4. 5. 6. $28,000 30,000 25,000 20,000 13,000 Acquired an additional $24,000 from the issue of common stock. 2. Received $95,000 for providing services Paid $15,000 to creditors to reduce loan. Paid expenses amounting to $71,500. Paid $3,000 dividend to the stockholders. Determined that the market value of the land is $47,000. Required a. Write an accounting equation, and 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. Prepare an income statement, statement of changes in stockholders' equity, year end balance sheet, and statement of cash flows for each year. c. Determine the amount of cash that is in the retained earnings account at the end of 2012 and 2013. d. Examine the balance sheets for the two years. How did assets change from 2012 to 2013? e. Determine the balance in the Retained Earnings account immediately after Event 2 in 2012 and 2013 are recorded. Question 2: Identifying and arranging elements on financial statements The following information was drawn from the records of Paso & Associates as December 31, 2013. Supplies Consulting revenue Land Dividends Cash flow from fin. Activities Interest revenue Ending retained earnings Cash Interest payable Interest expense $2,500 120,000 70,000 10,000 30,000 6,000 50,100 66,000 4,000 9,000 Unearned revenue Notes payable Salaries payable Salary expense Common stock issued Beginning common stock Accounts receivable Cash flow from inv. Activities Cash flow form oper. Activities Prepaid rent $5,400 40,000 9,000 58,000 30,000 40,000 32,000 (21,000) 18,000 8,000 Required Use the preceding information to construct an income statement, statement of changes in stock-holders equity, balance sheet, and statement of cash flows. (Show only totals on the statement of cash flows.)