Waddell Company had the following balances in its accounting records as of December 31, Year 1. Liabilities and Equity Accounts Payable Common Stock Retained Earnings Assets Cash Accounts Receivable Land Total $ 50,000 42,000 28,000 $ 120,000 Total The following accounting events apply to Waddell Company's Year 2 fiscal year: January 1 Acquired $44,000 cash from the issue of common stock. February 1 March 1 April 1 May 1 July 1 September 1 October 1 December 31 Paid $5,400 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 $28,000 cash.. Made a cash payment on accounts payable of $8,000. Received $7,200 cash in advance as a retainer for services to be performed monthly over the com year. Sold land for $22,000 cash that had originally cost $22,000. $ 22,000 87,000 11,000 $ 120,000 Purchased $1,060 of supplies on account. Earned $66,000 of service revenue on account during the year..