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Mark's Consulting experienced the following transactions for 2018, its first year of operations, and 2019. Assume that all transactions involve the receipt or payment of cash.
Transactions for 2018
Acquired $50,000 by issuing common stock.Received $135,000 cash for providing services to customers.Borrowed $23,000 cash from creditors.Paid expenses amounting to $60,000.Purchased land for $30,000 cash.
Transactions for 2019
Beginning account balances for 2019 are:
Cash$118,000
Land 30,000
Notes payable 23,000
Common stock 50,000
Retained earnings 75,000
Problem 1: Prepare a statement of changes in stockholders' equity for each year accounting period.
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