Tracy Corporation Reported the Following Cash Transactions for the Year

Essay

Tracy Corporation reported the following cash transactions for the year ending December 31,2012,its first year in operation:
1.issued common stock for $60,000 cash
2.borrowed $10,000 cash from a local bank
3.purchased land for $40,000
4.provided services to clients for $70,000 cash
5.paid operating expenses of $62,000
6.paid $3,000 cash dividends to stockholders
Required:
a)What are the total assets for Tracy Corporation at December 31,2012?
b)What is the total equity for Tracy at December 31,2012?
c)Prepare an income statement for 2012.