The following transactions apply to Walnut Enterprises for Year 1, its first year of operations: 1. Received $42,000 cash from the issue of a short-term note with a 5 percent interest rate and a one-year maturity. The note was made on April 1, Year 1. 2. Received $118,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 5 percent. 3. Paid $73,000 cash for other operating expenses during the year. 4. Paid the sales tax due on $98,000 of the service revenue for the year. Sales tax on the balance of the revenue is not due until Year 2. 5. Recognized the accrued interest at December 31, Year 1. The following transactions apply to Walnut Enterprises for Year 2: 1. Paid the balance of the sales tax due for Year 1. 2. Received $143,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 5 percent. 3. Repaid the principal of the note and applicable interest on April 1, Year 2. 4. Paid $86,000 of other operating expenses during the year. 5. Paid the sales tax due on $118,000 of the service revenue. The sales tax on the balance of the revenue is not due until Year 3. (For all requirements, round your intermediate and final answers to the nearest whole dollar amount.) c-1. Prepare an income statement for Year 1. c-2. Prepare a statement of changes in stockholders' equity for Year 1. c-3. Prepare a balance sheet for Year 1. c-1. Prepare an income statement for Year 1. c-2. Prepare a statement of changes in stockholders' equity for Year 1. c-3. Prepare a balance sheet for Year 1. c-4. Prepare a statement of cash flows for Year 1. Complete this question by entering your answers in the tabs below. Req C1 Req C2 Expenses Req C3 Prepare an income statement for Year 1. WALNUT ENTERPRISES Income Statement For the Year Ended December 31, Year 1 Total operating expenses Req C4 c-1. Prepare an income statement for Year 1. c-2. Prepare a statement of changes in stockholders' equity for Year 1. c-3. Prepare a balance sheet for Year 1. c-4. Prepare a statement of cash flows for Year 1. Complete this question by entering your answers in the tabs below. Req C3 Prepare a statement of changes in stockholders' equity for Year 1. WALNUT ENTERPRISES Statement of Changes of Stockholders' Equity For the Year Ended December 31, Year 1 Req C1 Req C2 Common stock Beginning retained earnings Total stockholders' equity Req C4 < Req C1 Req C3 > Required information Req C1 Assets Req C2 Prepare a balance sheet for Year 1. Total assets. Liabilities Req C3 Total liabilities Stockholders' equity Req C4 WALNUT ENTERPRISES Balance Sheet As of December 31, Year 1 Total stockholders' equity Total liabilities and stockholders' equity Required information Req C1 Req C2 Req C3 Prepare a statement of cash flows for Year 1. (Enter cash outflows and amounts to be deducted with a minus si WALNUT ENTERPRISES Statement of Cash Flows Cash flows from operating activities: For the Year Ended December 31, Year 1 Req C4 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities: Net cash flow from financing activities Net change in cash Ending cash balance < Req C3 Req C4