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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:

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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 $16,500 cash from the issue of common stock 2. Performed services on account for $45,000 3. Paid the utility expense of $1,100, 4. Collected $38,170 of the accounts receivable. 5. Recorded $6,150 of accrued salaries at the end of the year, 6. Pald a $1,300 cash dividend to the stockholders. MILEA INC. Accounting Equation For the Year Ended December 31. Year 1 Assets Liabilities + Stockholders' Equity Accounts Salaries Common Retained Cash Receivable Payable Stock Earnings 16,500 16,500 Event Accounts Titles for Retained Earnings + 1. 2. 3. + 4. 5. 6. HII + Totals

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