Required information [The following information applies to the questions displayed below.] 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 $80,000 of services on account. 3. Provided $31,000 of services and received cash 4. Collected $49,000 cash from accounts receivable. 5. Paid $14,000 of salaries expense for the year. 6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 9 percent of the ending accounts receivable balance will be uncollectible. 2019: 1. Wrote off an uncollectible account for $690. 2. Provided $100,000 of services on account. 3. Provided $15,000 of services and collected cash 4. Collected $82,000 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 9 percent of the ending accounts receivable balance will be uncollectible. Req D2 Req D4 Req D6 Req D1 Req D3 Req D5 Organize the transaction data in accounts under an accounting equation. (Enter any decreases to account balances with a minus sign. If Titles for Retained Earnings, leave the cell blank.) LEACH INC. Accounting Equation for the Year 2019 Assets Equity Accounting Titles for Retained Earnings Event Liabilities + Accounts + Common Retained Cash Allowance Receivable stock Earnings Bal + + 1. + 2. + + 3. + 4 + = 5. 6. + + 0 0 Bal. + + + + LO LEACH INC. Income Statement For the Year Ended December 31, 2019 Operating expenses Total operating expenses 0 LEACH INC. Statement of Changes in Stockholders' Equity For the Year Ended December 31, 2019 Beginning common stock $ Ending common stock 0 Beginning retained earnings Ending retained earnings 0 Total stockholders' equity $ 0 LEACH INC. Balance Sheet As of December 31, 2019 Assets 0 $ Total assets 0 Liabilities Stockholders' equity Total stockholders' equity 0 Total liabilities and stockholders' equity $ 0 LEACH INC. Statement of Cash Flows For the Year Ended December 31, 2019 Cash flows from operating activities Net cash flow from operating activities $ 10 Cash flows from investing activities Cash flows from financing activities Net change in cash 0 $ 10 Ending cash balance final answer to the nearest whole d Net realizable value