Alcorn Service Company wos formed on January 1, Year 1. Events Affecting the Year 1 Accounting Perlod 1. Acquired $65,000cssh from the issue of common stock. 2 Purchosed $2,200 of supplies on account. 3. Purchased land that cost $28,000cosh. 4. Poid $2,200 cosh to settle sccounts psysble crested in Event 2 5. Recognized revenue on account of $52,000. 6 . Paid $26,000 cosh for other operating expenses. 7. Collected $43,000 cosh from accounts receivable. Information for Year 1 Adjusting Entrles 8. Recognized sccrued salsries of $3,700 on December 31 , Year 1. 9. Hod $700 of supplies on hand at the end of the accounting period. Events Affecting the Year 2 Accounting Perlod 1. Acquired $25,000cosh from the issue of common stock. 2. Poid $3,700 cosh to settle the salsries poyable obligation. 3. Poid $5,100 cosh in odvence to leose office spoce. 4. Sold the land that cost $28,000 for $28,000cash. 5. Received $6,300cosh in sdvance for services to be performed in the future. 6. Purchosed $1,500 of supplies on occount during the yeor. 7. Provided services on sccount of $37,000. 8. Collected $38,000 cosh from sccounts receivable. 9. Paid o cosh dividend of $4,000 to the stockholders. 10. Poid other operoting expenses of $24,500. Information for Year 2 Adjusting Entrles 11. The sodvence poyment for rental of the office space (see Event 3) wos made on March 1 for s one-yesr term. 12. The cash sodvance for services to be provided in the future wos collected on October 1 (see Event 5). The one-yeor contract started on October 1. 13. Had $800 of supplies remaining on hand at the end of the period. 14. Recognized accrued salories of $4,400 at the end of the accounting period. Required: a. Record the effects of esch event affecting the Yeor 1 and Yeor 2 sccounting periods under the oppropriste generol ledger occount hesdings of the sccounting equation. b. Prepare an income statement, statement of changes in stockholders' equity, and balsnce sheet for Year 1 and Year 2, using the vertical stotements model. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Prepare an income statement for Year 1 and Year 2. (Do not round intermediate calculations.) Complete this question by entering your answers in the tabs below. Prepare the statement of changes in stockholders' equity for Year 1 and Year 2. Complete this question by entering your answers in the tabs below. Prepare the balance sheet for Year 1 and Year 2