Dakota 1. Acquired $30,000 cash from the issue of common stock. 2. Paid $12,000 cash to purchase land. 3. Borrowed $10,000 cash. 4. Provided services for $20,000 cash. 5. Paid $1,000 cash for utilities expense. 6. Paid $15,000 cash for other operating expenses. 7. Paid a $2,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $12,700. Company experienced the following events during Year 2: Required: a. The January 1, Year 2, account balances are shown in the following accounting equation. Record the eight events in the appropriate accounts under an accounting equation. Record the amounts of revenue, expense, and dividends in the Retained Earnings column. Provide the appropriate titles for these accounts in the last column of the table. The first event is shown as an example. b-1. Prepare an income statement for the Year 2 accounting period. b-2. Prepare statement of changes in equity for the Year 2 accounting period. b-3. Prepare a year-end balance sheet for the Year 2 accounting period. b-4. Prepare a statement of cash flows for the Year 2 accounting period. c-1. Determine the percentage of assets that were provided by retained earnings. c-2. Does the retained earning balance reflect the amount of cash that the company has available to pay dividends? d. Based on the December 31, Year 2, balance sheet, what is the largest cash dividend Dakota could pay? Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Req B4 The January 1, Year 2, account balances are shown in the following accounting equation. Record the eight events in the appropriate accounts under an accounting equation. Record the amounts of revenue, expense, and dividends in the Retained Earnings column. Provide the appropriate titles for these accounts in the last column of the table. The first event i shown as an example. Note: Enter any decreases to account balances with a minus sign. Not all cells require input. Event Balance 1/1/Year 2 Totals 1. 2. 3. 4. 5. 6. 7. 8. Cash 2,000 30,000 10,000 20,000 (1,000) (15,000) (2,000) 44,000 Assets + + + + + + + + + + + Req C and D Land 12,000 12,000 DAKOTA COMPANY Accounting Equation for Year 2 Liabilities + Notes Payable + = = = = = = = = = 10,000 10,000 + + + + + + + + + Common Stock Stockholders' Equity 6,000 30,000 36,000 + + + + + + + + + + + Retained Earnings 8,000 Account Titles for Retained Earnings 20,000 revenue Service Utilities (1,000) expense (15,000) Operating expense (2,000) 10,000 Show less