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.

$\backslash$table$[[\backslash$table$[[$Req D$1$ Inc$],[$Stmt$]],\backslash$table$[[$Req D$1$ Stmt$],[$of Changes$]],\backslash$table$[[$Req D$1$ Bal$],[$Sheet$]],\backslash$table$[[$Req D$1$ Stmt$],[$of Cash Flows$]]]]$

Prepare the balance sheet for Year $1.$

$\backslash$table$[[$JOVA COMPANY,$],[$As of December $31,$ Year $1,,],[$Assets$,,],[,,],[,,],[,,],[$Total assets,,$],[$Liabilities$,,],[$Stockholders$\text{'}$ equity,,$],[,,],[,,],[,,],[$Total stockholders' equity,,$],[$Total liabilities and stockholders' equity,,$]]$

Req D$1$ Inc

Stmt

Req D$1$ Stmt

of Changes

Req D$1$ Bal

Sheet

Req D$1$ Stmt

of Cash Flows

Prepare the statement of changes in stockholders' equity for Year $1.$

JOVA COMPANY

Statement of Changes in Stockholders' Equity

For the Year Ended Year $1$

Assessment Tool iFrame

Prepare the income statement for Year $1.$Required information

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$[$The following information applies to the questions displayed below.$]$

The following transactions apply to Jova Company for Year $1,$ the first year of operation:

Issued $$12,000$ of common stock for cash.

Recognized $$67,000$ of service revenue earned on account.

Collected $$59,600$ from accounts receivable.

Paid operating expenses of $$35,300.$

Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be $2$ percent of sales on account.

The following transactions apply to Jova for Year $2$:

Recognized $$74,500$ of service revenue on account.

Collected $$67,600$ from accounts receivable.

Determined that $$940$ of the accounts receivable were uncollectible and wrote them off.

Collected $$200$ of an account that had previously been written off.

Paid $$48,900$ cash for operating expenses.

Adjusted the accounts to recognize uncollectible accounts expense for Year $2.$ Jova estimates uncollectible accounts expense will be $1\mathrm{.}0$ percent of sales on account.

Required

Complete the following requirements for Year $1$ and Year $2.$ Complete all requirements for Year $1$ prior to beginning the requirements for Year $2.$

d$-2.$ Prepare the income statement, statement of changes in stockholders$$ equity, balance sheet, and statement of cash flows for Year $2.$