Waddell Company had the following balances in its accounting records as of December 31, Year 1. Assets Cash Accounts Receivable Land Liabilities and Equity $ 52,000 54,000 Accounts Payable Common Stock 27,000 Retained Earnings $ 27,000 92,000 14,000 $ 133,000 Total $ 133,000 Total The following accounting events apply to Waddell Company's Year 2 fiscal year: January 1 February 1 March 1 April 1 May 1 July 1 Acquired $44,000 cash from the issue of common stock. Paid $5,700 cash in advance for a one-year lease for office space. Paid a $1,600 cash dividend to the stockholders. Purchased additional land that cost $27,000 cash. Made a cash payment on accounts payable of $14,000. Received $8,400 cash in advance as a retainer for services to be performed monthly over the coming year. September 1 Sold land for $23,000 cash that had originally cost $23,000. October 1 Purchased $1,030 of supplies on account. December 31 Earned $56,000 of service revenue on account during the year. December 31 Received cash collections from accounts receivable amounting to $65,000. December 31 Incurred other operating expenses on account during the year that amounted to $12,000. December 31 Recognized accrued salaries expense of $5,200. December 31 Had $150 of supplies on hand at the end of the period. December 31 The land purchased on April 1 had a market value of $36,000.