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 $38,000 cash from the issue of common stock. 2. Borrowed $32,000 cash from National Bank. 3. Earned cash revenues of $56,000 for performing services. 4. Paid cash expenses of $49,000. 5. Paid a $1,800 cash dividend to the stockholders. 6. Acquired an additional $28,000 cash from the issue of common stock. 7. Paid $8,000 cash to reduce the principal balance of the bank note. 8. Paid $61,000 cash to purchase land. 9. Determined that the market value of the land is $85,000. Problem 2-20A (Algo) Part d d-1. Determine the net income that Maben would report on the Year 1 income statement. d-2. Will dividends appear in the income statement