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Milea Incorporated experienced the following events in Year 1, its first year of operations:

1. Received $15,000 cash from the issue of common stock.
2. Performed services on account for $45,000.
3. Paid the utility expense of $1,250.
4. Collected $30,660 of the accounts receivable.
5. Recorded $7,400 of accrued salaries at the end of the year.
6. Paid a $950 cash dividend to the stockholders.

1. Prepare the income statement, statement of changes in stockholders equity, balance sheet, and statement of cash flows for the Year 1 accounting period.