Required information Skip to question [The following information applies to the questions displayed below.] Milea Incorporated experienced the following events in Year 1, its first year of operations: Received $14,000 cash from the issue of common stock. Performed services on account for $45,000. Paid the utility expense of $1,450. Collected $34,120 of the accounts receivable. Recorded $6,700 of accrued salaries at the end of the year. Paid a $1,050 cash dividend to the stockholders.

1 Required information MILEA INCORPORATED Balance Sheet As of December 31, Year 1 \begin{tabular}{|l|l|l|} \hline Assets \\ \hline Cash & & \\ \hline Accounts receivable & & \\ \hline Total assets & & \\ \hline Liabilities & & \\ \hline & & \\ \hline & & \\ \hline Total liabilities & & \\ \hline Stockholders' Equity & & \\ \hline & & \\ \hline Total stockholders' equity & & \\ \hline Total liabilities and stockholders' equity & & \\ \hline \end{tabular}