Required information Req B Income Statement Req B Statement Stockholders Req B Balance Sheet Prepare the balance sheet for Year 1. LEACH INCORPORATED Balance Sheet Req B Statement Cash Flows As of December 31, Year 1 Assets Cash Accounts receivable Less: Allowance for doubtful accounts Total assets Liabilities Stockholders' equity Total stockholders' equity TEL S 0 0 0 S Proy [The following information applies to the questions displayed below] Leach Incorporated 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 $35,000 of services and received cash. 4. Collected $35,000 cash from accounts receivable. 5. Paid $12,000 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 $2,690. 2. Provided $90,000 of services on account 3. Provided $15,000 of services and collected cash. 4. Collected $72,000 cash from accounts receivable. 5. Paid $30,000 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. b. Prenare the income statement statement of changes in stockholders' equity halance sheet and statement of cash flows for Year 1 b. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Year 1 Complete this question by entering your answers in the tabs below. Req B Income Statement Req B Statement Stockholders Req BBalance Sheet Req B Statement Cash Flows Prepare the balance sheet for Year 1. LEACH INCORPORATED Balance Sheet As of December 31, Year 1 Assets Cash Accounts receivable Less Allowance for doubtful accounts Total assets Liabilities Stockholders' equity Retained earnings 0 $ 0 ! Required information Complete this question by entering your answers in the tabs below. Req B Income Statement Req B Statement Stockholders Req B Balance Sheet Req B Statement Cash Flows Prepare the statement of cash flows for Year 1. Note: Amounts to be deducted and cash outflows should be indicated with a minus sign LEACH INCORPORATED Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities $ 0 0