Started operations on January $1$ when it acquired $$39,000$ cash by issuing common stock.

Earned $$40,800$ of revenue on account.

On March $1$ collected $$58,800$ cash as an advance for services to be performed in the future.

Paid cash operating expenses of $$36,000.$

Paid a $$4,600$ cash dividend to stockholders.

On December $31,$ Year $1,$ adjusted the books to recognize the revenue earned by providing services related to the advance described in Event $3.$ The contract required Gifford to provide services for a one$-$year period starting March $1.$

Collected $$34,000$ cash from accounts receivable.

Gifford Company experienced the following accounting events during Year $2$: