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Required information

$[$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:

Acquired $$35,000$ cash from the issue of common stock.

Borrowed $$35,000$ cash from National Bank.

Earned cash revenues of $$53,000$ for performing services.

Paid cash expenses of $$47,500.$

Paid a $$1,500$ cash dividend to the stockholders.

Acquired an additional $$25,000$ cash from the issue of common stock.

Paid $$9,000$ cash to reduce the principal balance of the bank note.

Paid $$58,000$ cash to purchase land.

Determined that the market value of the land is $$81,000.$

Required

d$-1.$ Determine the net income that Maben would report on the Year $1$ income statement.

d$-2.$ Will dividends appear in the income statement?

d$-1.$ Net income

d$-2.$ Will dividends appear in the income statement?