Required information [The following information applies to the questions displayed below.] The following transactions apply to Walnut Enterprises for Year 1, its first year of operations: 1. Received $40,500 cash from the issue of a short-term note with a 6 percent interest rate and a one-year maturity. The note was made on April 1, Year 1. 2. Received $117,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 6 percent. 3. Paid $73,000 cash for other operating expenses during the year. 4. Paid the sales tax due on $97,000 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 $142,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 6 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 $117,000 of the service revenue. The sales tax on the balance of the revenue is not due the Year 3. (For all requirements, round your intermediate and final answers to the nearest whole dollar amount.) equired Record the Year 1 transactions in general journal form. (If no entry is required for a transaction/event, select "No journal entry quired" in the first account field.) b. Post the transactions to T-accounts. 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. Prepare an income statement for Year 1. d-1. Prepare the closing entries. d-2. Post the entries to the T-accounts. Complete this question by entering your answers in the tabs below. Prepare the closing entries. (If no entry is required for a transaction/event, seler Journal entry worksheet Record the closing entry for service revenue. Note: Enter debits before credits. e. Prepare a post-closing trial balance. f-1. Record the Year 2 transactions in general journal form. f-2. Post the Year 2 transactions to T-accounts. f-3. Prepare an income statement for Year 2. f-4. Prepare a statement of changes in stockholders' equity for Year 2 . f-5. Prepare a balance sheet for Year 2. f-6. Prepare a statement of cash flows for Year 2. f-7. Prepare closing entries for Year 2. f-8. Post the Year 2 closing entries to T-accounts. f-9. Prepare a post-closing trial balance for Year 2. Complete this question by entering your answers in the tabs below. Record the Year 2 transactions in general journal form. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Paid the balance of the sales tax due for Year 1. Record the transaction. Note: Enter debits before credits. Required information [The following information applies to the questions displayed below.] The following transactions apply to Walnut Enterprises for Year 1, its first year of operations: 1. Received $40,500 cash from the issue of a short-term note with a 6 percent interest rate and a one-year maturity. The note was made on April 1, Year 1. 2. Received $117,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 6 percent. 3. Paid $73,000 cash for other operating expenses during the year. 4. Paid the sales tax due on $97,000 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 $142,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 6 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 $117,000 of the service revenue. The sales tax on the balance of the revenue is not due the Year 3. (For all requirements, round your intermediate and final answers to the nearest whole dollar amount.) equired Record the Year 1 transactions in general journal form. (If no entry is required for a transaction/event, select "No journal entry quired" in the first account field.) b. Post the transactions to T-accounts. 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. Prepare an income statement for Year 1. d-1. Prepare the closing entries. d-2. Post the entries to the T-accounts. Complete this question by entering your answers in the tabs below. Prepare the closing entries. (If no entry is required for a transaction/event, seler Journal entry worksheet Record the closing entry for service revenue. Note: Enter debits before credits. e. Prepare a post-closing trial balance. f-1. Record the Year 2 transactions in general journal form. f-2. Post the Year 2 transactions to T-accounts. f-3. Prepare an income statement for Year 2. f-4. Prepare a statement of changes in stockholders' equity for Year 2 . f-5. Prepare a balance sheet for Year 2. f-6. Prepare a statement of cash flows for Year 2. f-7. Prepare closing entries for Year 2. f-8. Post the Year 2 closing entries to T-accounts. f-9. Prepare a post-closing trial balance for Year 2. Complete this question by entering your answers in the tabs below. Record the Year 2 transactions in general journal form. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Paid the balance of the sales tax due for Year 1. Record the transaction. Note: Enter debits before credits