Reference no: EM132642395

Problem - Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation:

1. Acquired $32,000 cash from the issue of common stock.

2. Borrowed $38,000 cash from National Bank.

3. Earned cash revenues of $50,000 for performing services.

4. Paid cash expenses of $46,000.

5. Paid a $1,200 cash dividend to the stockholders.

6. Acquired an additional $22,000 cash from the issue of common stock.

7. Paid $10,000 cash to reduce the principal balance of the bank note.

8. Paid $55,000 cash to purchase land.

9. Determined that the market value of the land is $77,000.

Required - Make the balance sheet and income statement.