Required information Skip to question [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: Issued $10,000 of common stock for cash. Provided $80,000 of services on account. Provided $27,000 of services and received cash. Collected $53,000 cash from accounts receivable. Paid $20,000 of salaries expense for the year. 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. Year 2: Wrote off an uncollectible account for $2,540. Provided $100,000 of services on account. Provided $25,000 of services and collected cash