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Prepare an income statement for the year ended December 31 , Year 1. Prepare a balance sheet at the end of Year 1 . \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ HOLIDAY TRAVEL SERVICES } \\ \hline \multicolumn{1}{|c|}{ Bs of December Sheot } \\ \hline Assets & & \\ \hline & & \\ \hline & & \\ \hline Total assets & & $ \\ \hline Liabilities & & \\ \hline & & \\ \hline & & \\ \hline Total liabilities & & $ \\ \hline Stockholders' Equity & & \\ \hline & & \\ \hline \end{tabular} b. Prepare an income statement and balance sheot for and at the end of Year 1 . Complete this question by entering your answers in the tabs below. Show the effects of the above transactions on the accounting equation (use appropriate element and account headings). For thase events that affect retained carnings, indicate the appropriate temporary account titles in a separate column. Note: Enter any decreases to account balances with a minus sign. If there is no effect on the Account Tities for Retained Earnings, leave the cerl biank, Not al celis will require input The following events are for-Holiday Travel Services for Yoar 1, the first year of operations, Assume that all transactions involve the receipt or payment of cash. 1. The busines acquired $63,000 from stock issued to stockholders 2. Creditors loaned the company $32,000 3. The company provided services to its customers and received $90,000 4. The company paid expenses amounting to $68,000 5. The company purchased land for $33,000 6 . The company paid a dividend of $6,500 to its stockholders Required: a. Show the effects of the above transactions on the accounting equation (use appropriate element and account headings). For those events that affect retained carnings, indicate the oppropriate temporary account titles in a separate column. b. Prepare an income statement and balance sheet for and at the end of Year 1