Required information Exercise 2-3A (Static) Effect of accruals on the financial statements LO 2-1, 2-2, 2-3 [The following information applies to the questions displayed below.] Milea Inc, experienced the following events in Year 1 , its first year of operations: 1. Received $20,000 cash from the issue of common stock. 2. Performed services on account for $56,000. 3. Paid the utility expense of $2,500. 4. Collected $48,000 of the accounts receivable. 5. Recorded $10,000 of accrued salaries at the end of the yeat. 6. Paid a $2,000 cash dividend to the stockholders. Exercise 2-3A (Static) Part b . Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for the Year 1 accounting period. Complete this question by entering your answers in the tabs below. Prepare the income statement for the Year 1 accounting period. Prepare the income statement for the Year 1 accounting period. Complete this question by entering your answers in the tabs below. Prepare the statement of changes in stockholders' equity for the Year 1 accounting perio Prepare the balance sheet for the Year 1 accounting period. Prepare the statement of cash flows for the Year 1 accounting period. (Enter cash outflows with a minus