The following events are for Berea Company for 2012 its first year in business.Assume that all involve receipt or payment of cash.
1.acquired $25,000 cash by issuing stock to owners
2.borrowed $7,000 cash from creditors
3.provided services to customers and received $50,000
4.paid operating expenses amounting to $38,000
5.purchased land for $10,000
6.paid a dividend of $5,000 to owners
Required:
a)Show the effects of each of these events on the accounting equation shown below,showing dollar amounts of increases and decreases; calculate totals for each account at the end of the period. 
b)Prepare an income statement and balance sheet for 2012.
Definitions:
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