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Requlred Information Mark's Consulting experienced the following transactions for Year 1. its first year of...

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Accounting

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Requlred Information Mark's Consulting experienced the following transactions for Year 1. its first year of operations, and Year 2. Assume that all transactions involve the receipt or payment of cash. Transactions for Year 1 1. Acquired $20.000 by issuing common stock. 2. Received $35,000 for providing services to customers. 3. Borrowed $25,000 cash from creditors. 4. Paid expenses amounting to $22,000. 5. Purchased land for $30.000 cash. Transactions for Year 2 Beginning account balances for Year 2 are: 1. Acquired an additional $24,000 from the issue of common stock. 2. Received $95.000 for providing services in Year 2 . 3. Paid $15,000 to reduce notes payable. 4. Paid expenses amounting to $71,500. 5. Paid a $3.000 dividend to the stockholders. 6. Determined that the market value of the land is $47,000. b-1. Prepare an income statement for Year 1 and Year 2 b-3. Prepare a year-end balance sheet for Year 1 and Year 2. b-4. Prepare a statement of cash flows for Year 1 and Year 2. Note: Amounts to be deducted should be Indlcated with a minus sign

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