Waddell Company had the following balances in its accounting records as of December 31, 2018: Assets Liabilities and Equity Cash $ 52,000 Accounts Payable $ 27,000 Accounts Receivable 42,000 Common Stock 78,000 Land 26,000 Retained Earnings 15,000 Totals $120,000 $120,000 The following accounting events apply to Waddell Company's 2019 fiscal year: Jan. 1 Acquired $48,000 cash from the issue of common stock. Feb. 1 Paid $5,400 cash in advance for a oneYear lease for office space. Mar. 1 Paid a $1,600 cash dividend to the stockholders. April 1 Purchased additional land that cost $26,000 cash. May 1 Made a cash payment on accounts payable of $15,000. July 1 Received $7,800 cash in advance as a retainer for services to be performed monthly over the coming year. Sept. 1 Sold land for $21,000 cash that had originally cost $21,000. Oct. 1 Purchased $960 of supplies on account. Dec. 31 Earned $60,000 of service revenue on account during the year. 31 Received cash collections from accounts receivable amounting to $62,000. 31 Incurred other operating expenses on account during the year that amounted to $14,000. 31 Recognized accrued salaries expense of $4,500. 31 Had $200 of supplies on hand at the end of the period. 31 The land purchased on April 1 had a market value of $38,000. 31 Recognized $128 of accrued interest revenue