Required information Exercise 2-8A (Algo) Effect of accruals on the financial statements LO 2-2, 2-3, 2-4 [The following information applies to the questions displayed below.] Milea Incorporated experienced the following events in Year 1, its first year of operations: 1. Received $16,500 cash from the issue of common stock. 2. Performed services on account for $45,000. 3. Paid the utility expense of $1,100. 4. Collected $30,550 of the accounts receivable. 5. Recorded $7,150 of accrued salaries at the end of the year. 6. Paid a $900 cash dividend to the stockholders. Exercise 2-8A (Algo) Part b b-1. Prepare the income statement. b-2. Prepare the statement of changes in stockholders' equity. b-3. Prepare the balance sheet. b-4. Prepare the statement of cash flows for the Year 1 accounting period. Note: Amounts to be deducted and cash outflows should be indicated with a minus sign