Prepare a year$-$end balance sheet for each year accounting period. Question $-$ Prepare a statement of cash flows for each year accounting period. Transactions for Year $1$

$1)$ Acquired $$20,000$ by issuing common stock.

$2)$ Received $$35,000$ cash for providing services to customers.

$3)$ Borrowed $$25,000$ cash from creditors. MARK'S CONSULTING

Statement of Cash Flows

For the Year Ended December $31,$ Year $1$ MARK'S CONSULTING

Statement of Cash Flows

For the Year Ended December $31,$ Year $2$

$4)$ Paid expenses amounting to $$22$ Transactions for Year $2$

Beginning account balances for Year $2$ are:

Cash $$28,000$

Land $30,000$

Notes payable $25,000$

Common stock $20,000$

Retained earnings $13,000$

$1)$ Acquired an additional $$24,000$ from the issue of common stock.

$2)$ Received $$95,000$ for providing services.

$3)$ Paid $$15,000$ to creditors to reduce loan.

$4)$ Paid expenses amounting to $$71,500.$

$5)$ Paid a $$3,000$ dividend to the stockholders.

$6)$ Determined that the market value of the land is $$47,000.$