Required information Problem 1-33 Preparing financial statements for two complete accounting cycles LO 1-3, 1-4,1-5,1-7, 1-8,1-9 [The following information applies to the questions displayed below] Mark's Consulting experienced the following transactions for 2018, its first year of operations, and 2019 Assume that all transactions involve the receipt or payment of cash. Transactions for 2018 1. Acquired $70, 2. Received $115,000 cash for providing services to customers. 3. Borrowed $19,000 cash from creditors. 4. Paid expenses amounting to $56,000. 5. Purchased land for $40,000 cash. 000 by issuing common stock. Transactions for 2019 Beginning account balances for 2019 are: $108,000 40,000 Notes payable 19,000 70,000 Cash Land Common stock Retained 59,000 earnings 1. Acquired an additional $23,000 from the issue of common stock 2. Received $134,000 for providing services. 3. Paid $14,000 to creditors to reduce loan. 4. Paid expenses amounting to $63,000 5. Paid a $13,000 dividend to the stockholders. 6. Determined that the market value of the land is $50,000 blem 1-33 Part b-1 . Prepare an income statement for each year accounting period. Complete this question by entering your answers in the tabs below. c Stmt Inc Stmt 2018 2019 repare an income statement for the year 2018 MARK'S CONSULTING Income Statement or the Year Ended December 31, 2018 Complete this question by entering your answers in the tabs below. Inc Stmt Inc Stmt 2018 2019 Pre e an income statement for the year 2019. MARK'S CONSULTING Income Statement For the Year Ended December 31, 2019 Inc Stmt 2018 Inc Stmt 2019