Smith & Co. experienced the following six events in its first year of operations: Shareholders contributed $60,000 cash, purchased land for $40,000 cash, borrowed $18,000 in cash from the bank, provided services for $16,000, which will be paid to Smith & Co next year, paid $11,000 cash for miscellaneous operating expenses, and paid $1,000 cash dividend to shareholders. Prepare an income statement, a statement of shareholders' equity, a balance sheet, and a statement of cash flow for the first year of operations. What is your assessment of the company's financial performance in its first year of operations?