Required Ifformation

$[$The following informetion sppoles to the questions dlsplayed below.$]$

Alcorn Service Company was formed on Jsnusry $1,$ Yesr $1.$

Events Affecting the Year $1$ Accounting Perlod

Acquired $$66,000$ cssh from the lssue of common stock.

Purchased $$2,400$ of supplies on account.

Purchased land that cost $$30,000$ cash.

Pald $$2,400$ cash to settie sccounts payable created in Event $2$

Recognized revenue on account of $$54,000.$

Paid $$27,000$ cssh for other operating expenses.

Collected $$44,000$ cssh from accounts recelvable.

Information for Year $1$ Adjusting Entries

Recognized sccrued sslaries of $$3,800$ on December $32$ Yesr $2$

Had $$800$ of supplies on hand at the end of the sccounting period.

Events Affecting the Year $2$ Accounting Period

Acquared $$26,000$ cssh from the lssue of common stock.

Psid $$3,800$ cash to settie the salarles poyable obligation.

Paid $$5,400$ cach in sclusnce to lease office spoce.

Sold the land that coat $$30,000$ for $$30,000$ cash.

Recelved $$6,600$ cash In advance for sevices to be performed in the future.

Purchased $$1,600$ of supplies an account during the yesr.

Prowded services on sccount of $$3B,00O.$

Collected $$39,000$ cssh from accounts recelvable.

Paid $s$ cash dividend of $$5,000$ to the stocldholdera.

Paid other operating expenses of $$25,500.$

Information for Year $2$ AdJusting Entries

The sdvunce payment for rental of the office space $($see Event $3)$ was made on March $1$ for a one$-$yesr term.

The cssh advance for services to be prowided In the future waa colected on October $1($see Event $5).$ The ane$-$yesr

contract started on October $1.$

Had $$900$ of supples remaining on hand at the end of the periad.

Recognized sccrued salarles of $$4,500$ at the end of the accounting perlad.

Recognized $$4000$ of accrued Interest revenue.

b$-1.$ Prepare sn income statement for Year $1$ snd Year $2$

b$-2.$ Prepare the ststement of changes in stocldolders" equity for Year $1$ snd Year $2$

b$-3.$ Prepare the balance sheet for Year $1$ and Year $2$

b$-4.$ Prepsre the ststement of cash flows for Year $1$ snd Yesr $2$ using the verticsl statements model.

Complete this question by entering your answers in the tabs below.

Prepare the balance sheet for Year $1$ and Year $2.$