$(4)$

Required information

$[$The following information applies to the questions displayed below.$]$

Milea Inc. experienced the following events in Year $1,$ its first year of operations:

Received $$20,000$ cash from the issue of common stock.

Performed services on account for $$56,000.$

Paid the utility expense of $$2,500.$

Collected $$48,000$ of the accounts receivable.

Recorded $$10,000$ of accrued salaries at the end of the year.

Paid a $$2,000$ cash dividend to the stockholders.

b$.$ Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for the Year $1$ accounting period.