Leach Inc. experienced the following events for the first two years of its operations: Year 1: 1. Issued $10,000 of common stock for cash. 2. Provided $70,000 of services on account. 3. Provided $27,000 of services and received cash. 4. Collected $43,000 cash from accounts receivable. 5. Paid $16,000 of salaries expense for the year. 6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 6 percent of the ending accounts receivable balance will be uncollectible. Year 2: 1. Wrote off an uncollectible account for $2,580. 2. Provided $90,000 of services on account. 3. Provided $20,000 of services and collected cash. 4. Collected $72,000 cash from accounts receivable. 5. Paid $24,000 of salaries expense for the year. 6. Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 6 percent of the ending accounts receivable balance will be uncollectible. Prepare an income statement for Year 1. LEACH INC. Income Statement For the Year Ended December 31, Year 1 Operating expenses Total operating expenses 0 Prepare the statement of changes in stockholders' equity for Year 1. LEACH INC. Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 1 Beginning common stock Ending common stock GA 0 Beginning retained earnings Ending retained earings Total stockholders' equity 0 0 0 $ Prepare the balance sheet for Year 1. LEACH INC. Balance Sheet As of December 31, Year 1 Assets 0 0 0 Total assets $ Liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity 0 0 0 $ Prepare the statement of cash flows for Year 1. (Amounts to be de sign.) LEACH INC. Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities $ 0 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities 0 Net change in cash 0 Ending cash balance $ 0