Dakota Company experienced the following events during 2016. a. Acquired $30,000 cash from the issue of common stock.
b. Paid $12,000 cash to purchase land.
c. Borrowed $10,000 cash.
d. Provided services for $20,000 cash.
e. Paid $1,000 cash for utilities expense.
f. Paid $15,000 cash for other operating expenses.
g. Paid a $2,000 cash dividend to the stockholders.
h. Determined that the market value of the land purchased in Event 2 is now $12,700.

Required:
a. Prepare an income statement, statement of changes in equity, year-end balance sheet, and statement of cash flows for the 2016 accounting period.
b. Determine the percentage of assets that were provided by retained earnings. How much cash is in the retained earnings account?

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Oakmont company has an opportunity to manufacture and sell a new product for a four-year period. the company’s discount rate is 18%. after careful study, oakmont estimated the following costs and revenues for the new product: cost of equipment needed $ 230,000 working capital needed $ 84,000 overhaul of the equipment in year two $ 9,000 salvage value of the equipment in four years $ 12,000 annual revenues and costs: sales revenues $ 400,000 variable expenses $ 195,000 fixed out-of-pocket operating costs $ 85,000 when the project concludes in four years the working capital will be released for investment elsewhere within the company. click here to view exhibit 12b-1 and exhibit 12b-2, to determine the appropriate discount factor(s) using tables.

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