Required information [The following information applies to the questions displayed below.) Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. Acquired $30,000 cash from the issue of common stock. 2. Borrowed $40,000 cash from National Bank. 3. Earned cash revenues of $48,000 for performing services. 4. Paid cash expenses of $25,000. 5. Paid a $1,000 cash dividend to the stockholders. 6. Acquired an additional $20,000 cash from the issue of common stock. 7. Paid $10,000 cash to reduce the principal balance of the bank note. 8. Paid $53,000 cash to purchase land. 9. Determined that the market value of the land is $75,000. Event No. Assets MABEN COMPANY Horizontal Statements Model for Year 1 Balance Sheet Income Statement - Liabilities - Stockholders' Equity Notes Common Net Retained Revenue Expense - Income Payable Stock Earnings 30,000+ (40,000) Cash Statement of Cash Flows Land 1. - 30,000 FA 2. 3. 30,000 + (40,000) 48,000 + (25,000) 4. 5. + 6. + + HHHH 7. +++ 8 9. +++ Total 13,000 + 0 (40,000) 30,000+ 0 0 0 o 30,000