Valmont Inc. experienced the following events in 2014, its first year of operation:

1. Received $50,000 cash from the issue of common stock. 2. Performed services on account for $67,000. 3. Paid a $5,000 cash dividend to the stockholders. 4. Collected $45,000 of the accounts receivable. 5. Paid $49,000 cash for other operating expenses. 6. Performed services for $10,000 cash. 7. Recognized $2,000 of accrued utilities expense at the end of the year.

What is the before- and after-closing balance in the service revenue account?

Before-closing balance	$77,000
After-closing balance

Event Revenue ExpenseStatement of Cash Flows 0 $ O $ 2. 3. $ 4. $ 5. $ 6. 7. $ 67,000 0 0 0 10,000 50,000 FA O NA (5,000) FA 45,000 OA (49,000) OA 10,000 OA 0 NA 0 49,000 2,000