Problem $1-32$A $($Static$)$ Preparing financial statements for two complete accounting cycles LO $1-4,1-7,18,1-9$

Mark's Consulting Services experienced the following transactions for Year $1,$ its first year of operations, and Year $2.$ Assume that all transactions involve the receipt or payment of cash.

Transactions for Year $1$

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

Received $$35,000$ for providing services to customers.

Borrowed $$25,000$ cash from creditors.

Paid expenses amounting to $$22,000.$

Purchased land for $$30,000$ cash.

Transactions for Year $2$

Beginning account balances for Year $2$ are:

$\backslash$table$[[$Cash$,$$$28,000$