Alcorn Service Company was formed on January 1, Year 1. Events Affecting the Year 1 Accounting Period 1. Acquired $69,000 cash from the issue of common stock 2. Purchased $3,000 of supplies on account. 3. Purchased land that cost $36,000 cash. 4. Paid $3,000 cash to settle accounts payable created in Event 2. 5. Recognized revenue on account of $60,000. 6. Paid $30,000 cash for other operating expenses. 7. Collected $47,000 cash from accounts receivable. Information for Year 1 Adjusting Entries 8. Recognized accrued salaries of $4,100 on December 31, Year 1. 9. Had $1,100 of supplies on hand at the end of the accounting period. Events Affecting the Year 2 Accounting Period 1. Acquired $29,000 cash from the issue of common stock 2. Paid $4,100 cash to settle the salaries payable obligation. 3. Paid $6,300 cash in advance to lease office space 4. Sold the land that cost $36.000 for $36.000 cash. 5. Received $7,500 cash in advance for services to be performed in the future. 6. Purchased $1.900 of supplies on account during the year. 7. Provided services on account of $41,000. 8. Collected $42.000 cash from accounts receivable. 9. Paid a cash dividend of $8,000 to the stockholders. 10. Paid other operating expenses of $28,500. Saved Information for Year 2 Adjusting Entries Help Save & Exit Submit 11. The advance payment for rental of the office space (see Event 3) was made on March 1 for a one-year term 12. The cash advance for services to be provided in the future was collected on October 1(see Event 5). The one-year contract started on October 1 13. Had $1,200 of supplies remaining on hand at the end of the period 14. Recognized accrued salaries of $4,800 at the end of the accounting period Required a. Identify each event affecting the Year 1 and Year 2 accounting periods as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Record the effects of each event under the appropriate general ledger account headings of the accounting equation b. Prepare an income statement, statement of changes in stockholders' equity, balance sheet and statement of cash flows for Year 1 and Year 2 Complete this question by entering your answers in the tabs below. Required A Required A Required B Inc Required B Required B Bal Required B Year 1 Stmt Year 2 Stmt Stkholders Eg Stmt of Cash Sheet Flows Identify each event affecting the Year 1 accounting periods as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Record the effects of under the appropriate general ledger account headings of the accounting equation. (Do not round intermediate calculations. Enter any decreases to account balances w sign.) ALCORN SERVICE COMPANY Accounting Equation for Year 1 Assets Event Type of Accounts Cash Prepaid Event Liabilities Salaries Payable Prepaid Rent Land Stockholders' Equity Common Retained Stock Earnings Supplies cas Accounts Payable Receivable Unearned Revenue Help Save & Exit Submit Complete this question by entering your answers in the tabs below. 10 points Required A Required A Required B Inc Required B Required B Bal Required B Stmt Year 1 Year 2 Stmt Sheet "Stmt of Cash Sticholders Eq Flows Identify each event secting the Year 1 accounting periods as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Record the effects of under the appropriate general ledger account headings of the accounting equation. (Do not round intermediate calculations. Enter any decreases to account balances w sign.) ALCORN SERVICE COMPANY Accounting Equation for Year 1 Assets Event Type of Event Cash Accounts Receivable Supplies Prepaid Rent Liabilities Salaries Payable Accounts Payable Land Unearned Revenue Stockholders' Equity Common Retained Stock Earnings Totals Required A Year 2 > TES Saved Year 1 Year 2 . Stmt Stmt Help Save & Exit Stkholders Eq Sheet Stmt of Cash Flows Identify each event affecting the Year 2 accounting periods as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Record the effe under the appropriate general ledger account headings of the accounting equation. (Do not round intermediate calculations. Enter any decreases to account bala sign.) ALCORN SERVICE COMPANY Accounting Equation for Year 2 Type Event Assets of Event Cash Accounts Receivable Supplies Prepaid Rent Accounts Payable Liabilities Salaries Payable Stockholders' Equity Common Retained Stock Earnings Unearned Revenue Bal 13. 14 Totals Year 1 Saved Year 2 Stmt Stmt Stkholders Prepare an income statement for Year 1 and Year 2. (Do not round intermediate calculations.) Sheet Sumt of Cash Flows ALCORN SERVICE COMPANY Income Statements For the Yeais Ended December 31, Year 1 and Year 2 Year 1 Year 2 Total revenue Expenses Total expenses Saved Complete this question by entering your answers in the tabs below. Required A Year 1 Required A Year 2 Required B Incl Required B Stmt Stmt Required B Bal Required B Stkholders El Sheet Stmt of Cash Prepare the statement of changes in stockholders' equity for Year 1 and Year 2. Flows ALCORN SERVICE COMPANY Statement of Changes in Stockholders' Equity For the Years Ended December 31, Year 1 and Year 2 Year 1 Year 2 Beginning common stock Ending common stock Beginning retained earnings Ending retained earings Total stockholders' equity 0