Susans Consulting experienced the following transactions for 2014, its first year of operations, and 2015. Assume that all transactions involve the receipt or payment of cash.

Transactions for 2014

1.	Acquired $55,000 by issuing common stock.
2.	Received $130,000 cash for providing services to customers.
3.	Borrowed $22,000 cash from creditors.
4.	Paid expenses amounting to $59,000.
5.	Purchased land for $40,000 cash.

Transactions for 2015

Beginning account balances for 2015 are:

Cash	$	108,000
Land		40,000
Notes payable		22,000
Common stock		55,000
Retained earnings		71,000

1.	Acquired an additional $20,000 from the issue of common stock.
2.	Received $131,000 for providing services.
3.	Paid $17,000 to creditors to reduce loan.
4.	Paid expenses amounting to $66,000.
5.	Paid a $11,500 dividend to the stockholders.
6.	Determined that the market value of the land is $50,000.

Required
a.	Record the effects of each accounting event under the appropriate headings for each year. Record the amounts of revenue, expense, and dividends in the Retained Earnings column. Provide appropriate titles for these accounts in the last column of the table. (Enter any decreases to account balances with a minus sign. Select "NA" if there is no effect on the "Account Titles for Retained Earnings".)

SUSAN'S CONSULTING
Accounting Equation for 2014
Event	Assets			=	Liabilities	+	Stockholders Equity			Account Titles for Retained Earnings
	Cash	+	Land	=	Notes Payable	+	Common Stock	+	Retained Earnings
1.		+		=		+		+
2.		+		=		+		+
3.		+		=		+		+
4.		+		=		+		+
5.		+		=		+		+
Totals	0	+	0	=	0	+	0	+	0

SUSAN'S CONSULTING
Accounting Equation for 2015
Event	Assets			=	Liabilities	+	Stockholders Equity			Account Titles for Retained Earnings
	Cash	+	Land	=	Notes Payable	+	Common Stock	+	Retained Earnings
Beg. bal.		+		=		+		+
1.		+		=		+		+
2.		+		=		+		+
3.		+		=		+		+
4.		+		=		+		+
5.		+		=		+		+
6.		+		=		+		+
Totals	0	+	0	=	0	+	0	+	0

b-1. Prepare an income statement for each year accounting period.

SUSAN'S CONSULTING
Income Statement
For the Year Ended December 31, 2014

SUSAN'S CONSULTING
Income Statement
For the Year Ended December 31, 2015