135.Classify each of the following events as an asset source (AS), asset use (AU), asset exchange (AX), or not applicable (NA)._______ 1) Borrowed cash from the bank._______ 2) Issued stock for...

135.Classify each of the following events as an asset source (AS), asset use (AU), asset exchange (AX), or not applicable (NA).


_______ 1) Borrowed cash from the bank.
_______ 2) Issued stock for cash.
_______ 3) Invested cash in the common stock of another company.
_______ 4) Paid cash for operating expense.
_______ 5) Performed services and collected cash.
_______ 6) Purchased equipment for cash.
_______ 7) Repaid the bank loan with cash.
_______ 8) Dividends paid to the stockholders.

136.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.