I only need part D. The Answer is not 2000, -2000, 0, 8000, or 31500.

Dakota Company experienced the following events during Year 2. 1. Acquired $30,000 cash from the issue of common stock. 2. Paid $12,000 cash to purchase land. 3. Borrowed $10,000 cash. 4. Provided services for $20,000 cash. 5. Paid $1,000 cash for utilities expense. 6. Paid $15,000 cash for other operating expenses. 7. Paid a $2,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $12,700. Required a. The January 1, Year 2, general ledger account balances are shown in the following accounting equation. Record the eight events 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. The first event is shown as an example. (Enter any decreases to account balances with a minus sign. Not all cells in the "Accounts Titles for Retained Earnings" column may require an input - leave cells blank if there is no corresponding Retained Earnings input needed.) Assets + DAKOTA COMPANY Accounting Equation for Year 2 Liabilities Stockholders' Equity Notes Common Retained Land + Payable Stock Earnings 12,000/= 6,000+ 8,000 Event Account Titles for Retained Earnings Cash + Balance 1/1/Year 2 2,000+ + 1. + 30,000 + 2. 12,000/= + + 3. 10,000+ + 4. 30,000 + (12,000)| + 10,000+ 20,000 + (1,000)| + (15,000) + (2,000) + = + + 5. + + 20,000 Service revenue (1,000) Utilities expense (15,000) Operating expense (2,000) Dividends 6. + 7. + + + + + + 8. + Totals 32,000+ 24,000/= 10,000+ 36,000+ 10,000 b-1. Prepare an income statement for the Year 2 accounting period. DAKOTA COMPANY Income Statement For the Year Ended December 31, Year 2 Service revenue $ 20,000 Utilities expense (1,000) Operating expense (15,000) Net income $ 4,000 DAKOTA COMPANY Balance Sheet As of December 31, Year 2 Assets Cash $ 32,000 Land 24,000 $ 56,000 Total assets Liabilities Notes payable $ 10,000 $ 10,000 Total liabilities Stockholders' Equity Common stock $ 36,000 Retained earnings 10,000 46,000 Total stockholders' equity Total liabilities and stockholders' equity $ 56,000 d. Based on the December 31, Year 2, balance sheet, what is the largest cash dividend Dakota could pay? Cash dividend $ 31,500