Transactions for Year 1 1. Acquired $20,000 by issuing common stock. 2. Received $35,000 cash for providing services to customers. 3. Borrowed $25,000 cash from creditors. 4. Paid expenses amounting to $22,000. 5. Purchased land for $30,000 cash. Transactions for Year 2 Beginning account balances for Year 2 are: Cash Land Notes payable Common stock Retained earnings $28,000 30,000 25,000 20,000 13,000 1. Acquired an additional $24,000 from the issue of common stock. 2. Received $95,000 for providing services. 3. Paid $15,000 to creditors to reduce loan. 4. Paid expenses amounting to $71,500. 5. Paid a $3,000 dividend to the stockholders. 6. Determined that the market value of the land is $47,000. Cash Land Notes payable Common stock Retained earnings $28,000 30,000 25,000 20,000 13,000 1. Acquired an additional $24,000 from the issue of common stock. 2. Received $95,000 for providing services. 3. Paid $15,000 to creditors to reduce loan. 4. Paid expenses amounting to $71,500. 5. Paid a $3,000 dividend to the stockholders. 6. Determined that the market value of the land is $47,000. Required ...Luriling period. Ca MARK'S CONSULTING SERVICES Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities Cash receipts from customers $ 35,000 Cash payments for expenses (22,000) Net cash flow from operating activities Cash flows from investing activities $ 13,000 Net cash flow from investing activities Cash flows from financing activities 0 + Net cash flow from financing activities 0 Ending cash balance $ 0 MARK'S CONSULTING SERVICES Statement of Cash Flows For the Year Ended December 31, Year 2 Cash flows from operating activities $ 95,000 Cash payments for expenses (71,500) $ 23,500 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net cash flow from financing activities 0 Ending cash balance $ 0