Problem 2-20A (Algo) Showing how events affect the horizontal financial statements model LO 21 [The follownipitformation applies to the questions displayed below] Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. Acquired $33,000 cash from the issue of common stock 2. Borrowed $37,000 cash from National Bank. 3. Earned cash revenues of $51,000 for performing services. 4. Paid cash expenses of $46,500. 5. Paid a $1,300 cash dividend to the stockholders: 6. Acquired an additional $23.000 cash from the issue of common stock. 7. Paid $9,000 cash to reduce the principal balance of the bank note. 8. Paid $56,000 cash to purchase land. 9. Determined that the market value of the land is $78,000. Problem 2-20A (Algo) Part d d-1. Determine the net income that Maben would report on the Yoar 1 income statement. d-2. Will dividends appear in the income statement? Yos No