Valmont Inc. experienced the following events in 2014, its first year of operation:

1. Received $50,000 cash from the issue of common stock.

2. Performed services on account fot $67,000.

3. Paid a $5,000 cash dividend to the stockholders.

4. Collected $45,000 of the accounts receivable.

5. Paid $49,000 cash for other operating expenses.

6. Performed services for $10,000 cash.

7. Recognized $2,000 of accrued utilities expense at the end of the year.

Identify the events that result in revenue or expense recognition and those which affect the statement of cash flows.