Transactions for Year 2 Beginning account balances for Year 2 are: Cash Land $ 28,000 30,000 25,000 Notes payable Common stock 20,000 Retained earnings 13,000 1. Acquired an additional $24,000 from the issue of common stock. 2. Received $95,000 for providing services in Year 2. 3. Paid $15,000 to reduce notes payable. 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.

Beginning account balances for Year 2 are: 1. Acquired an additional $24,000 from the issue of common stock. 2. Received $95,000 for providing services in Year 2. 3. Paid $15,000 to reduce notes payable. 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. Beginning account balances for Year 2 are: 1. Acquired an additional $24,000 from the issue of common stock. 2. Received $95,000 for providing services in Year 2. 3. Paid $15,000 to reduce notes payable. 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