Assume that Cathedral Enterprises, which is in its first year of operations, entered into the fol¬ lowing transactions. Show how the five transactions affect the accounting equation, and pre¬ pare an income statement, statement of retained earnings, a balance sheet, and a statement of cash flows. 1. Stockholders contributed $10,000 cash. 2. Performed services for $8,000, receiving $6,000 in cash and a $2,000 receivable. 3. Incurred expenses of $6,000. Paid $3,000 in cash, and $3,000 are still payable. 4. Purchased land for $12,000. Paid $2,000 in cash and signed a long-term note for the remainder. 5. Paid the stockholders $400 in the form of a dividend. 6. Sold one-half of the land purchased in (4) for $7,000 cash. (Which economic events are relevant and objectively measurable?)