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m Required information The following information applies to the questions displayed below.] Part 2 of 2 1 Milea Inc. experienced the following events in Year 1, its first year of operations: points 1. Received $20,000 cash from the issue of common stock. 2. Performed services on account for $56,000. 3. Paid the utility expense of $2,500. 4. Collected $48,000 of the accounts receivable. 5. Recorded $10,000 of accrued salaries at the end of the year. 6. Paid a $2,000 cash dividend to the stockholders. eBook Hint b-1. Prepare the income statement. Print MILEA, INC. Income Statement For the Year Ended December 31, Year 1 References Expenses Total expenses
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