Problem: Module 1 Textbook Problem 1. Learning Objective: 1-3 Show how business events affect the accounting equation At the beginning of Year 2, Better Corp.'s accounting equation showed the following accounts and balances: 35:03 Event Assets Cash Land t Balance 1/1/Year 2 20,000 30,000 - BETTER CORP. Accounting Equation Accounting Titles Liabilities Stockholders' Equity for Retained Earnings Notes Payable 13,000 Common Stock Retained Earnings 8,000 29,000 Better Corp. completed the following transactions during Year 2: 1. Purchased land for $10,000 cash. 2. Acquired $35,000 cash from the issue of common stock. 3. Received $74,000 cash for providing services to customers. 4. Paid cash operating expenses of $41,000. 5. Borrowed $20,000 cash from the bank. 6. Paid a $10,000 cash dividend to the stockholders. 7. Determined that the market value of the land purchased in event 1 is $45,000. Required a. Record the transactions in the accounting equation for Year 2. 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.