Maben Company was started on January 1, 2016, and experienced the following events during its first year of operation:

Maben Company was started on January 1, 2016, 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.

Required a. Record the preceding transactions in the horizontal statements model. Also, in the Cash Flows column, classify the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA), net change in cash (NC) and NA to indicate the element is not affected by the event. The first event is shown as an example   b. Determine the amount of total assets that Maben would report on the December 31, 2016, balance sheet.   Explanation: Total assets = $31,200 + $56,000 = $87,200 c. Identify the asset source transactions and related amounts for 2016.   d-1. Determine the net income that Maben would report on the 2016 income statement. d-2. Will dividends appear in the income statement? No Explanation: Net income is $4,500. Dividends are not expenses so they do not appear on the income statement. e. Determine the net cash flows from operating activities, investing activities, and financing activities that Maben would report on the 2016 statement of cash flows.   Explanation:      Operating activities:            Cash from revenue $ 51,000        Cash paid for expenses   (46,500 )      Net cash flow from operating activities $ 4,500        Investing activities:            Cash paid to purchase land $ (56,000 )      Net cash flow from investing activities $ (56,000 )      Financing activities:            Cash from stock issues ($33,000 + $23,000) $ 56,000        Cash from loan   37,000        Paid cash dividend   (1,300 )      Cash paid on loan principal   (9,000 )      Net cash flow from financing activities $ 82,700      f. Determine the percentage of assets that were provided by creditors, investors, and earnings.   Explanation: Percentage of assets provided by: Investors: $56,000 ÷ $87,200 = 64.22% Creditors: $28,000 ÷ $87,200 = 32.11% Earnings: $3,200 ÷ $87,200 = 3.67% g. What is the balance in the Retained Earnings account immediately after Event 3 is recorded?   Explanation: The revenue is recorded in a revenue account not in the retained earnings account. The balance in the revenue account is transferred to retained earnings at the end of the accounting period through the closing process.