The following transactions apply to the Garber Corporation for Year 1, its first year in business.
The company issued stock to investors, $48,000.The company borrowed $42,000 cash from the bank.Services were provided to customers and $50,000 cash was received from those customers.The company acquired land for $44,000.The company paid $34,000 rent for the building in which it operates its business.The company paid $3,200 for supplies that were used during the period.The company sold the land acquired in number 5 for $44,000.The company paid a dividend of $1,000 to its stockholders.The company repaid $20,000 of the loan described in number 2.
Required: Prepare an income statement, statement of changes in stockholders' equity, and balance sheet for Year 1.Prepare a statement of cash flows for Year 1.

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The Answer of The following transactions apply to the Garber Corporation for Year 1, its first year in business.
The company issued stock to investors, $48,000.The company borrowed $42,000 cash from the bank.Services were provided to customers and $50,000 cash was received from those customers.The company acquired land for $44,000.The company paid $34,000 rent for the building in which it operates its business.The company paid $3,200 for supplies that were used during the period.The company sold the land acquired in number 5 for $44,000.The company paid a dividend of $1,000 to its stockholders.The company repaid $20,000 of the loan described in number 2.
Required: Prepare an income statement, statement of changes in stockholders' equity, and balance sheet for Year 1.Prepare a statement of cash flows for Year 1.

The Following Transactions Apply to the Garber Corporation for Year