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Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: Acquired $34,000 cash from the issue of common stock. Borrowed $36,000 cash from National Bank. Earned cash revenues of $52,000 for performing services. Paid cash expenses of $47,000. Paid a $1,400 cash dividend to the stockholders. Acquired an additional $24,000 cash from the issue of common stock. Paid $9,000 cash to reduce the principal balance of the bank note. Paid $57,000 cash to purchase land. Determined that the market value of the land is $80,000. Identify the asset source transactions and related amounts for Year 1.
Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: Acquired $34,000 cash from the issue of common stock. Borrowed $36,000 cash from National Bank. Earned cash revenues of $52,000 for performing services. Paid cash expenses of $47,000. Paid a $1,400 cash dividend to the stockholders. Acquired an additional $24,000 cash from the issue of common stock. Paid $9,000 cash to reduce the principal balance of the bank note. Paid $57,000 cash to purchase land. Determined that the market value of the land is $80,000. Identify the asset source transactions and related amounts for Year 1.
Final answer:The asset sourcetransactionsfor Maben Company in Year 1 include acquiring cash from issuing common stock,borrowingcash from the bank, earning cash revenues from services, and paying cash for expenses, dividends, reducing bank note balance, and purchasing land.Explanation:Theassetsource transactions and related amounts for Year 1 for Maben Company are as follows:Acquired $34,000 cash from the issue of common stock.Borrowed $36,000 cash from National Bank.Earned cash revenues of $52,000 forperformingservices.Paid cash expenses of $47,000.Paid a $1,400 cash dividend to the stockholders.Acquired an additional $24,000 cash from the issue of common stock.Paid $9,000 cash to reduce theprincipalbalance of the bank note.Paid $57,000 cash to purchase land.Learn more aboutAsset source transactionshere:brainly.com/question/34194859#SPJ11...