Required information [The following information applies to the questions displayed below.) Mark's Consulting experienced the following transactions for 2018, its first year of operations, and 2019. Assume that all transactions involve the receipt or payment of cash. Transactions for 2018 1. Acquired $70,000 by issuing common stock 2. Received $120,000 cash for providing services to customers. 3. Borrowed $19,000 cash from creditors. 4. Paid expenses amounting to $56,000. 5. Purchased land for $35,000 cash. Transactions for 2019 Beginning account balances for 2019 are: Cash Land Notes payable Common stock Retained earnings $118,000 35,000 19,000 70,000 64,000 1. Acquired an additional $24,000 from the issue of common stock. 2. Received $134,000 for providing services. 3. Paid $14,000 to creditors to reduce loan. 4. Paid expenses amounting to $71,000. 5. Paid a $13,000 dividend to the stockholders. 6. Determined that the market value of the land is $45,000. b-1. Prepare an income statement for each year accounting period. Complete this question by entering your answers in the tabs below. 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 Complete this question by entering your answers in the tabs below. Inc Stmt 2018 Inc Stmt 2019 Prepare an income statement for the year 2019. MARK'S CONSULTING Income Statement For the Year Ended December 31, 2019