Better Corp. (BC) began operations on January 1, Year 1. During Year 1, BC experienced the following accounting events:
Acquired $7,000 cash from the issue of common stock.
Borrowed $12,000 cash from the State Bank.
Collected $47,000 cash as a result of providing services to customers.
Paid $30,000 for operating expenses.
Paid an $8,000 cash dividend to the stockholders.
Paid $20,000 cash to purchase land.