Fieldstone Company was founded on January 1, Year 1. During Year 1, the company experienced the following events:1. Received cash revenue of $25,5002. Paid cash expenses of $20,0003. Issued common stock for $30,000 cash4. Paid cash dividend of $2,000 to owners.Required: a) Show the effects of the above transactions on the accounting equation. (Start by using appropriate element and account headings). Leave the cell blank if a transaction does not affect a given account. b) Prepare the Year 1 income statement and balance sheet for Fieldstone Company.
What will be an ideal response?
a) 
b)
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