Required information Problem 2-20A (Algo) Showing how events affect the horizontal financial statements model LO 2-1 [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 $36,000 cash from the issue of common stock. 2. Borrowed $34,000 cash from National Bank. 3. Earned cash revenues of $54,000 for performing services. 4. Paid cash expenses of $48,000. 5. Paid a $1,600 cash dividend to the stockholders. 6. Acquired an additional $26,000 cash from the issue of common stock. 7. Paid $9,000 cash to reduce the principal balance of the bank note. 8. Paid $59,000 cash to purchase land. 9. Determined that the market value of the land is $83,000. Problem 2-20A (Algo) Part d d-1. Determine the net income that Maben would report on the Year 1 income statement