At the beginning of 2004, Quick Service Company’s accounting records had the following general ledger accounts and balances.

Quick completed the following transactions during 2004:
1. Purchased additional land for \($12,000\) cash.
2. Acquired \($20,000\) cash from the issue of common stock.
3. Received \($65,000\) cash for providing services to customers.
4. Paid cash operating expenses of \($42,000\).
5. Paid \($20,000\) cash on notes payable.
6. Paid a \($3,000\) cash dividend to the stockholders.
7. Determined the market value of the land to be \($72,000\) at the end of the year.

Required:

a. Record the transactions in the appropriate general ledger accounts. Record the amounts of revenue, expense, and dividends in the Retained Earnings column. Provide the appropriate titles for these accounts in the last column of the table.

b. Determine the amount of net income for the 2004 period.

c. What is the amount of total assets at the end of 2004? What is the amount of stockholders’ equity at the end of 2004?

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Event Assets QUICK SERVICE COMPANY || Accounting Equation Liabilities + Stockholders' Equity Common Retained Acct. Titles for Ret. Earn. Cash Land Notes Payable Stock Earnings Balance 1/1/2004 25,000 50,000 35,000 30,000 10,000