**Maben Company's First Year of Operation: Key Financial Events**Maben Company was initiated on January 1, Year 1, and underwent the following significant events during its inaugural year:1. Obtained $35,000 in cash through the issuance of common stock.2. Secured a $35,000 cash loan from National Bank.3. Generated $53,000 in cash revenues from providing services.4. Incurred cash expenses totaling $47,500.5. Distributed a $1,500 cash dividend to its stockholders.6. Received an additional $25,000 in cash from issuing common stock.7. Paid $9,000 in cash to decrease the principal of a bank note.8. Spent $58,000 in cash for land acquisition.9. Assessed the market value of the acquired land at $81,000.**Task c: Asset Source Transactions for Year 1**Table: Sources of Assets| Event | Amount ||-------|--------|| | || | || | || | |**Total sources of assets:** [Blank space for total amount] **Explanation of Table**This section is intended to identify the sources of assets and their corresponding amounts for Maben Company in Year 1. Specific events and amounts will be filled in as per the transaction details provided above.

[The following information applies to the questions displayed below.] Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. Acquired $35,000 cash from the issue of common stock. 2. Borrowed $35,000 cash from National Bank. 3. Earned cash revenues of $53,000 for performing services. 4. Paid cash expenses of $47,500. 5. Paid a $1,500 cash dividend to the stockholders. 6. Acquired an additional $25,000 cash from the issue of common stock. 7. Paid $9,000 cash to reduce the principal balance of the bank note. 8. Paid $58,000 cash to purchase land. 9. Determined that the market value of the land is $81,000. c. Identify the asset source transactions and related amounts for Year 1. Sources of Assets Event Total sources of assets Amount

[The following information applies to the questions displayed below.] Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. Acquired $35,000 cash from the issue of common stock. 2. Borrowed $35,000 cash from National Bank. 3. Earned cash revenues of $53,000 for performing services. 4. Paid cash expenses of $47,500. 5. Paid a $1,500 cash dividend to the stockholders. 6. Acquired an additional $25,000 cash from the issue of common stock. 7. Paid $9,000 cash to reduce the principal balance of the bank note. 8. Paid $58,000 cash to purchase land. 9. Determined that the market value of the land is $81,000. c. Identify the asset source transactions and related amounts for Year 1. Sources of Assets Event Total sources of assets Amount

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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