Reference no: EM132472745

maben company was started on january 1, 2018 and experienced the following events during its first year of operation: 1. Acquired $30,000 cash from the issue of common stock. 2. borrowed $42,000 cash from national bank 3. earned cash revenues of$58,000 for performing services 4. paid a $2,000 cash ividend to the stakeholders. 5. paid a $2,000 cash dividend to the stakeholders. 6. Acquired an additional $30,000 cash from the issue of common stock. 7. paid $11,000 cash to reduce the principal balance of the ank note. 8. paid $51,000 cash to purchase land.

Question 1: determined that the market value of the land is $71,000.

Question 2: What is the net income that maben would report on he 2018 income statement