Reference no: EM13524375

Valmont, Inc. experienced the following events in 2012, in its first year of operation.

1. Received $20,000 cash from the issue of common stock.
2. Performed services on account for $50,000.
3. Paid utility expense of $12,500.
4. Collected $39,000 of the accounts receivable.
5. Recorded $9,000 of accrued salaries at the end of the year.
6. Paid a $5,000 cash dividend to the shareholders.

record the events in general ledgeraccounts under an accounting equation. in the last column of the table provide appropriate account titles for the retained earnings amounts

Prepare the income statement, statement of changes in stockholders