Waddell Company had the following balances in its accounting records as of December 31, Year 1: Assets Liabilities and Equity Cash $ 45,000 Accounts Receivable Land 56,000 26,000 Accounts Payable Common Stock Retained Earnings $ 22,000 93,000 12,000 Totals $127,000 $127,000 The following accounting events apply to Waddell Company's Year 2 fiscal year: Jan. 1 Acquired $50,000 cash from the issue of common stock. Feb. 1 Paid $5,100 cash in advance for a one-year lease for office space. Mar. 1 April 1 May 1 July 1 Sept. 1 Oct. 1 Dec. 31 31 Purchased additional land that cost $26,000 cash. Paid a $2,500 cash dividend to the stockholders. Made a cash payment on accounts payable of $11,000. Received $7,400 cash in advance as a retainer for services to be performed monthly over the coming year. Sold land for $20,000 cash that had originally cost $20,000. Purchased $1,090 of supplies on account. Earned $56,000 of service revenue on account during the year. Received cash collections from accounts receivable amounting to $52,000. 31 Incurred other operating expenses on account during the year that amounted to $14,000. Recognized accrued salaries expense of $5,900. 31 31 Had $170 of supplies on hand at the end of the period. 31 The land purchased on April 1 had a market value of $30,000. 31 Recognized $121 of accrued interest revenue. Required Show the effects of the events on the financial statements using the following horizontal statements model. All questions pertain to the Year 2 financial statements.