Question 2 (of 11) 2. 10.00 points Dakota Company experienced the following events during 2016. 1. Acquired $20,000 cash from the issue of common stock. 2. Paid $20,000 cash to purchase land. 3. Borrowed $5,000 cash 4. Provided services for $40,000 cash. 5. Paid $1,000 cash for utilities expense. 6. Paid $20,000 cash for other operating expenses. 7. Paid a $5,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $25,000. Required a. The January 1, 2016, general ledger account balances are shown in the following accounting equation. Record the eight events in the appropriate general ledger accounts. Record the amounts of revenue expense, and dividends in the Retained Earnings column. Provide the appropriate titles for these accounts in the last column of the table. The first event is shown as an example. (Enter account balances with a minus sign. Select"NA" if there is no effect on the Account Titles for Retained Earnings".) DAKOTA COMPANY Accounting Equation for 2016 Assets LiabilitiesStockholders' Equity Account Tit Retained Retained Ea Earnings Event Land Notes |=| Common Stock Payable Balance 1/1/2016 | 8,000- 20.0001 +1 15,000|-| 13,000| Totals 28,000+ 20,000 35,000+ 13,000 b-1. Prepare an income statement for the 2016 accounting period. DAKOTA COMPANY Income Statement For the Year Ended December 31, 2016 b-2. Prepare a statement of changes in equity for the 2016 accounting period. DAKOTA COMPANY Statement of Changes in Stockholders' Equity b-3. Prepare a year-end balance sheet for the 2016 accounting period. DAKOTA COMPANY Balance Sheet As of December 31, 2016 Assets Total assets Liabilities Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity