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Milea Incorporated experienced the following events in Year $1,$ its first year of operations:

Received $$12,000$ cash from the issue of common stock.

Performed services on account for $$45,000.$

Paid the utility expense of $$1,050.$

Collected $$31,620$ of the accounts receivable.

Recorded $$6,400$ of accrued salaries at the end of the year.

Paid a $$1,100$ cash dividend to the stockholders.