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 $$30,000$ cash from the issue of common stock.

Paid $$12,300$ cash to purchase land.

Borrowed $$11,100$ cash.

Provided services for $$21,700$ cash.

Paid $$1,200$ cash for utilities expense.

Paid $$16,500$ 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 $$12,300.$

Required

a$.$ The January $1,$ Year $2,$ account balances are shown in the following accounting equation. Record the eight events in the appropriate accounts under an accounting equation. 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. The first event is shown as an example.

b$-1.$ Prepare an income statement for the Year $2$ accounting period.

b$-2.$ Prepare a statement of changes in equity for the Year $2$ accounting period.

b$-3.$ Prepare a year$-$end balance sheet for the Year $2$ accounting period.

b$-4.$ Prepare a statement of cash flows for the Year $2$ accounting period.

$c-1.$ Determine the percentage of assets that were provided by retained earnings.

c$-2.$ How much cash is in the retained earnings account?

d$.$ Based on the December $31,$ Year $2,$ balance sheet, what is the largest cash dividend Dakota could pay?

Complete this question by entering your answers in the tabs below.

Req A Req B$1$ Req B$2$ Req R$3$ R

The January $1,$ Year $2,$ account balances are shown in the following accounting equation. Record the eight events in the appropriate accounts under an accounting equation. 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. The first event is shown as an example.

Note: Enter any decreases to account balances with a minus sign. Leave cells blank if no input is needed.

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DAKOTA COMPANY