Required information Problem 1-35A (Algo) Recording events in a horizontal statements model LO 1-3, 1-4, 1-5, 1-6, 1-7, 1-8, 1-9, 110 [The following information applies to the questions displayed below] Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. Acquired 533,000 cash from the issue of common stock 2. Borrowed $45,000 cash from National Bank. 3. Earned cash revenues of $61,000 for performing services. 4. Paid cash expenses of $51,500. 5. Paid a $2,300 cash dividend to the stockholders. 6. Acquired an additional $33,000 cash from the issue of common stock. 7. Paid $11,000 cash to reduce the principal balance of the bank note. 8. Paid $48.000 cash to purchase land. 9. Determined that the market value of the land is $67,000 Problem 1-35A (Algo) Part d d-1.Determine the net income that Maben would report on the Year 1 income statement