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 $20,000 cash from the issue of common stock. 2. Performed services on account for $56,000. 3. Paid the utility expense of $2,500. 4. Collected $48,000 of the accounts receivable. 5. Recorded $10,000 of accrued salaries at the end of the year. 6. Paid a $2,000 cash dividend to the stockholders. b-1. Prepare the income statement. Answer is complete and correct. MILEA, INC. Income Statement For the Year Ended December 31, Year 1 Revenue $ 56,000 Expenses Salaries expense $ 10,000 Utility expense 2,500 Total expenses Net income (12,500) $ 43,500 b-2. Prepare the statement of changes in stockholders' equity. & Answer is not complete. MILEA, INC. Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 1 Beginning common stock Ending common stock Beginning retained earnings 0 Ending retained earnings Total stockholders' equity $ 0 b-3. Prepare the balance sheet. Answer is not complete. MILEA, INC. Balance Sheet As of December 31, Year 1 Assets $ 0 Total assets Liabilities Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity $ 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.) % Answer is not complete. MILEA, INC. Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flow from operating activities Net cash flow from operating activities Cash flow from investing activities Cash flow from financing activities Net cash flow from financing activities Net change in cash 0 Ending cash balance 0