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Required information Problem 1-35A (Algo) Recording events in a horizontal statements model LO 1-3, 1-4, 1-5, 1-6, 1-7, 1-8, 1-9, 1-10 [The following information 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 $38,000 cash from the issue of common stock. 2. Borrowed $32,000 cash from National Bank. 3. Earned cash revenues of $56,000 for performing services. 4. Paid cash expenses of $49,000. 5. Paid a $1,800 cash dividend to the stockholders. 6. Acquired an additional $28,000 cash from the issue of common stock. 7. Paid $8,000 cash to reduce the principal balance of the bank note. 8. Paid $61,000 cash to purchase land. 9. Determined that the market value of the land is $85,000. Problem 1-35A (Algo) Part g g. What is the balance in the Retained Earnings account immediately after Event 3 is recorded? Required information Problem 1-35A (Algo) Recording events in a horizontal statements model LO 1-3, 1-4, 1-5, 1-6, 1-7, 1-8, 1-9, 1-10 [The following information 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 $38,000 cash from the issue of common stock. 2. Borrowed $32,000 cash from National Bank. 3. Earned cash revenues of $56,000 for performing services. 4. Paid cash expenses of $49,000. 5. Paid a $1,800 cash dividend to the stockholders. 6. Acquired an additional $28,000 cash from the issue of common stock. 7. Paid $8,000 cash to reduce the principal balance of the bank note. 8. Paid $61,000 cash to purchase land. 9. Determined that the market value of the land is $85,000. Problem 1-35A (Algo) Part c c. Identify the asset source transactions and related amounts for Year 1

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