The following events are for Holiday Travel Services for Year $1.$ the first year of operations. Assume that all transactions involve the receipt or payment of cash.

Sveve $8$

The business acquired $$65,000$ from stock issued to stockholders

Creditors loaned the company $$35,000$

The company provided services to its customers and received $$83,000$

The company paid expenses amounting to $$67,000$

The company purchased land for $$32,000$

The company paid a dividend of $$6,000$ to its stockholders

Required:

a$.$ Show the effects of the above transactions on the accounting equation $($use appropriate element and account headings$).$ For those events that affect retained earnings, indicate the appropriate temporary account titles in a separate column.

b$.$ Prepare an income statement and balance sheet for and at the end of Year $1.$

Complete this question by entering your answers in the tabs below.

ReqA,ReqB$1$

Req B$2$

Prepare a balance sheet at the end of Year $1.$

$\backslash$table$[[$HOLIDAY TRAVEL SERVICES,,$],[$Balance Sheet,,$],[$Assets$,,],[,,],[,,],[,,],[$Total assets,,$],[$Liabilities$,,],[,,],[,,],[$Total liabilities,,$],[$Stockholders$\text{'}$ Equity,,$],[,,],[$Total stockholders' equity,,$],[$Total liabilities and stockholders' equity,,$]]$