Required Information [The following Information applies to the questions displayed below.] Mark's Consulting experienced the following transactions for 2018, Its first year of operatlons, and 2019. Assume that all transactions involve the receipt or payment of cash. Transactions for 2018 1. Acquired $80,000 by issuing common stock. 2. Recelved $130,000 cash for providIng services to customers. 3. Borrowed $21,000 cash from creditors. 4. Pald expenses amounting to $54,000 5. Purchased land for $40,000 cash Transactlons for 2019 Beginning account balances for 2019 are: Cash $137,e0e Land 40, eee Notes payable 21,eee Common stock 80, eee Retained earnings 76, eee 1. Acquired an additional $26,000 from the Issue of common stock 2 Recelved $136,000 for providing services. 3. Pald $16,000 to creditors to reduce loan. 4. Pald expenses amounting to $69,000 5. Pald a $12,000 dividend to the stockholders. 6. Determined that the market value of the land Is $50,000. Inc Stmt 2018 Inc Stmt 2019 Prepare an income statement for the year 2018. MARK'S CONSULTING Income Statement For the Year Ended December 31, 2018 Prepare an income statement for the year 2019 MARK'S CONSULTING Income Statement For the Year Ended December 31, 2019