Alcorn Service Company was formed on January 1, Year 1. Events Affecting the Year 1 Accounting Period 1. Acquired $71,000 cash from the issue of common stock. 2. Purchased $3,400 of supplies on account. 3. Purchased land that cost $40,000 cash. 4. Paid $3,400 cash to settle accounts payable created in Event 2. 5. Recognized revenue on account of $64,000. 6. Paid $32,000 cash for other operating expenses. 7. Collected $49,000 cash from accounts receivable. Information for Year 1 Adjusting Entries R 8. Recognized accrued salaries of $4,300 on December 31, Year 1. 9. Had $1,300 of supplies on hand at the end of the accounting period. Events Affecting the Year 2 Accounting Period 1. Acquired $31,000 cash from the issue of common stock. 2. Paid $4,300 cash to settle the salaries payable obligation. 3. Paid $6,900 cash in advance to lease office space. 4. Sold the land that cost $40,000 for $40,000 cash. 5. Received $8,100 cash in advance for services to be performed in the future. 6. Purchased $2,100 of supplies on account during the year. 7. Provided services on account of $43,000. 8. Collected $44,000 cash from accounts receivable. 9. Paid a cash dividend of $3,000 to the stockholders. 10. Paid other operating expenses of $30,500.