Leach Inc. experienced the following events for the first two years of its operations:

2018:

1. Issued $10,000 of common stock for cash.
2. Provided $90,000 of services on account.
3. Provided $29,000 of services and received cash.
4. Collected $61,000 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 5 percent of the ending accounts receivable balance will be uncollectible.

2019:

1. Wrote off an uncollectible account for $720.
2. Provided $110,000 of services on account.
3. Provided $20,000 of services and collected cash.
4. Collected $92,000 cash from accounts receivable.
5. Paid $28,000 of salaries expense for the year.
6. Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent of the ending accounts receivable balance will be uncollectible.

1. d-1. Organize the transaction data in accounts under an accounting equation.
2. d-2. Prepare an income statement for 2019.
3. d-3. Prepare the statement of changes in stockholders' equity for 2019.
4. d-4. Prepare the balance sheet for 2019.
5. d-5. Prepare the statement of cash flows for 2019.
6. d-6. What is the net realizable value of the accounts receivable at December 31, 2019?

Event Bal. Assets Accounts Receivable 29,000 (720) 110,000 + + + + + + LEACH INC. Accounting Equation for the Year 2019 Equity Liabilities Accounting Titles for Retained * Common Retained Allowance Earnings stock Earnings 1,450 = 0 + 10,000+ 101,550 0 + 0 + 01 + 0 + 110,000 Service revenue | + 0 + 20,000 Service revenue + 0 + 01 + 0 + (28,000) Salaries expense 0 + Uncollectible accounts expense 1,450 0 + 10,000 + 203,550 2. oli + + Cash + 84,000 + 0+ 0+ 20,000 + 92,000 + (28,000) + 01 + 168,000 + 3. + + + 4. + (92,000) + + 5. + + + 0 + + + Bal. L 46,280 + + + LEACH INC. Income Statement For the Year Ended December 31, 2019 Service revenue $ 130,000 Operating expenses Salaries expense $ 28,000 Uncollectible accounts expense 28,000 Total operating expenses Net income LEACH INC. Statement of Changes in Stockholders' Equity For the Year Ended December 31, 2019 Beginning common stock | $ 10,000 Plus: Common stock issued 0 Ending common stock $ 10,000 Beginning retained earnings [ $ 101,550 Plus: Net income 101,550 Ending retained earnings Total stockholders' equity $ 111,550 LEACH INC. Balance Sheet As of December 31, 2019 Assets Cash Accounts receivable | $ | $ 168,000 46,280 46,280 $ 214,280 $ 0 Total assets Liabilities Stockholders' equity Common stock Retained earnings 1 $ 10,000 Total stockholders' equity Total liabilities and stockholders' equity 10,000 10,000 | $ LEACH INC. Statement of Cash Flows For the Year Ended December 31, 2019 Cash flows from operating activities Inflow from customers Outflow for expenses (28,000) $ (28,000) Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net change in cash Plus: Beginning cash balance Ending cash balance (28,000) 84,000 56,000 $ What is the net realizable value of the accounts receivable at December final answer to the nearest whole dollar.) Net realizable value