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 $35,000 cash from the issue of common stock. 2. Borrowed $35,000 cash from National Bank. 3. Earned cash revenues of $53,000 for performing services. 4. Pald cash expenses of $47,500. 5. Pald a $1,500 cash dividend to the stockholders. 6. Acquired an additional $25,000 cash from the issue of common stock. 7. Pald $9,000 cash to reduce the principal balance of the bank note. 8. Pald $58,000 cash to purchase land. 9. Determined that the market value of the land is $81,000. d-1.Determine the net Income that Maben would report on the Year 1 Income statement. Net income $ 32,000 d-2.Will dividends appear in the income statement? Yes No