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 $12,000 cash from the issue of common stock. 2. Performed services on account for $45,000. 3. Paid the utility expense of $1,300. 4. Collected $32,740 of the accounts receivable. 5. Recorded $9,650 of accrued salaries at the end of the year. 6. Paid a $950 cash dividend to the stockholders. Required a. Record the events in accounts under an accounting equation. In the last column of the table, provide appropriate account titles for the Retained Eamings amounts. The first transaction has been recorded as an example. (Enter any decreases to account balances with a minus sign. Not all cells require an input-leave cells blank if there is no corresponding Retained Earnings input needed.) MILEA INC. Accounting Equation For the Year Ended December 31, Year 1 Assets Event Cash Accounts Receivable + Liabilities + Stockholders' Equity Salaries Payable Accounts Titles for Stock Common Retained Earnings Retained Earnings 1. 12,000 + 12,000 2. 45,000+ 3. (1,300) = + 4. 32,740 (32,740) + 5. = + Dividend 6. (950) + Revenue Totals 42,490 0- 12,260 + 12,000 Salaries expense Utility expense