Question 4 1. On January 1, 2020, two individuals invested $150,000 each to form Sarah Corporation. Sarah had total revenues of $280,000 during 2020 and $265,000 during 2021. Total expenses for the same periods were $190,000 and $178,000 respectively. Cash dividends paid out to stockholders totaled $24,000 in 2020 and $25,000 in 2021. What was Sarah's total shareholders' equity at the end of 2020 and 2021? 2. Nave Corporation reported the following amounts at the end of the first year of operations, December 31, 2020: contributed capital $100,000; sales revenue $380,000; total assets $300,000; $20,000 dividends; and total liabilities $160,000. What are Retained earnings and total expenses? 3. At the beginning of 2020, Sparkle Corporation had assets of $580,000 and liabilities of $380,000. During the year, assets increased by $40,000 and liabilities decreased by $30,000. What was the total amount of shareholders' equity at the end of 2017? 4. Maui Wowie, Inc. purchased a piece of land with a new building on January 1, 2021. The land was valued at $20,000 and the building was valued at $160,000 with a 40-year life and a zero salvage (residual) value. How would the land and building appear in the plant, property and equipment section of the December 31, 2021, Statement of Financial Position?