Required information [The following information applies to the questions displayed below.] Milea Incorporated experienced the following events in Year 1, its first year of operations: 1. Received $13,500 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 $36,580 of the accounts receivable. 5. Recorded $7,200 of accrued salaries at the end of the year. 6. Paid a $1,250 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 Earnings amounts. The first transaction has been recorded as an example. Note: 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. Assets Event Cash Accounts Receivable 1. 13,500 2345 2. 3. MILEA INCORPORATED Accounting Equation For the Year Ended December 31, Year 1 = Liabilities + Stockholders' Equity Accounts Titles for Salaries Payable Common Retained Stock Earnings Retained Earnings + 13,500 + + + 4. 5. + 6. + Totals 13,500 0 0+ 13,500 0 Expenses MILEA INCORPORATED Income Statement For the Year Ended December 31, Year 1 Total expenses 0 $ 0 b-2. Prepare the statement of changes in stockholders' equity. MILEA INCORPORATED Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 1 Beginning common stock Ending common stock Beginning retained earnings Ending retained earnings Total stockholders' equity 69 $ $ 0 0 0 b-3. Prepare the balance sheet. Assets Total assets Liabilities MILEA INCORPORATED Balance Sheet As of December 31, Year 1 Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity 19 $ 19 $ 19 0 0 $ 0 b-4. Prepare the statement of cash flows for the Year 1 accounting period. Note: Amounts to be deducted and cash outflows should be Indicated with a minus sign. MILEA INCORPORATED 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 Ending cash balance $ 0 0 0 $ 0