Exercise $1-23$A $($Algo$)$ Preparing financial statements LO $1-5,1-6,1-7,1-8,1-9$

Dakota Company experienced the following events during Year $2$:

Acquired $$10,000$ cash from the issue of common stock.

Paid $$10,000$ cash to purchase land.

Borrowed $$5,000$ cash.

Provided services for $$38,000$ cash.

Paid $$1,000$ cash for utilities expense.

Paid $$30,000$ cash for other operating expenses.

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

Determined that the market value of the land purchased in Event $2$ is now $$17,500.$

Required: