Required information [The following information applies to the questions displayed below.] The following transactions apply to Hooper Co. for Year 1, its first year of operations: 1. Issued $170,000 of common stock for cash. 2. Provided $86,000 of services on account. 3. Collected $74,000 cash from accounts receivable. 4. Loaned $11,000 to Mosby Co. on November 30, Year 1 . The note had a one-year term to maturity and a 10 percent interest rate. 5. Paid $44,000 of salaries expense for the year. 6. Paid a $3,500 dividend to the stockholders. 7. Recorded the accrued interest on December 31, Year 1 (see item 4). 8. Estimated that 1 percent of service revenue will be uncollectible. b. Prepare the income statement, balance sheet, and statement of cash flows for Year 1. \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ HOOPER CO. } \\ \hline \multicolumn{2}{|c|}{ Income Statement } \\ \hline \multicolumn{2}{|c|}{ For the Year Ended December 31, Year 1 } \\ \hline Operating expenses & & \\ \hline \hline \end{tabular} \begin{tabular}{cccc} Req B Inc Stmt & Req B Bal Sheet & Req B Stmt Cash Flows \\ \hline \end{tabular} Prepare the balance sheet for Year 1. (Round intermediate calculations and final answers to nearest whole dollar amount.) Prepare the statement of cash flows for Year 1. (Cash outflows should be indicated with a minus sign.)