Grayson Corporation Reports the Following Cash Transactions for the Year

Essay

Grayson Corporation reports the following cash transactions for the year ending December 31, 2012, its first year of operation:
1) issued common stock for $36,000
2) borrowed $20,000 from a local bank
3) purchased land for $24,000
4) provided services to clients for $28,000
5) paid operating expenses of $21,500
6) paid $2,500 cash dividends to stockholders
Required:
a) What are the total assets for Grayson Corporation at December 31, 2012?
b) Prepare an income statement for 2012.