! Required information [The following information applies to the questions displayed below.] Milea Inc. experienced the following events in Year 1, its first year of operations: 1. Received $15,000 cash from the issue of common stock. 2. Performed services on account for $45,000. 3. Paid the utility expense of $1,400. 4. Collected $32,130 of the accounts receivable. 5. Recorded $8,300 of accrued salaries at the end of the year. 6. Paid a $800 cash dividend to the stockholders. Required a. Record the events in general ledger accounts under an accounting equation. In the last column of the table, provide appropriate account titles for the Retained Earnings amounts. The first transaction has been recorded as an example. (Select "NA" if there is no effect on the "Accounts Titles for Retained Earnings". Enter any decreases to account balances with a minus sign.) MILEA, INC. General Ledger Accounts For the Year Ended December 31, Year 1 Assets Liabilities Stockholders' Equity Accounts Salaries Common Retained Cash Receivable Payable Stock Earnings 15,000 15,000 + Event Accounts Titles for Retained Earnings + 1. + 2. = + + 3. = 4. + 5. = + 6. + Totals 15,000 0 0 + 15,000 0 b-1. Prepare the income statement. MILEA, INC. Income Statement For the Year Ended December 31, Year 1 Expenses Total expenses 0 $ 0 b-2. Prepare the statement of changes in stockholders' equity. MILEA, INC. Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 1 Beginning common stock $ 0 Ending common stock Beginning retained earnings 0 Ending retained earnings Total stockholders' equity $ 0 b-3. Prepare the balance sheet. MILEA, INC. Balance Sheet As of December 31, Year 1 Assets Total assets $ 0 Liabilities Total liabilities $ 0 Stockholders' Equity 0 Total stockholders' equity Total liabilities and stockholders' equity EA 0 b-4. Prepare the statement of cash flows for the Year 1 accounting period. (Amounts to be deducted should be indicated with a minus sign.) MILEA, INC. Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flow from operating activities $ 0 Net cash flow from operating activities Cash flow from investing activities Cash flow from financing activities 0 Net cash flow from financing activities Net change in cash 0 Ending cash balance $ 0