Required Information

$[$The following informotion opplies to the questions disployed below.$]$

Lesch Incorporated experienced the following events for the first two years of its operstions:

Year $1$:

Issued $$10,000$ of common stock for cosh$.$

$2$ Provided $$70,000$ of services on account.

Provided $$33,000$ of services and received cosh$.$

Collected $$37,000$cash from accounts receivable.

Paid $$22,000$ of salories 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 sccount for $$2,560.$

$2$ Provided $$90,000$ of services on account.

Provided $$20,000$ of services and collected cash.

Collected $$72,000$ cash from accounts receivable.

Paid $$22,000$ of salories expense for the year.

Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that $5$ percent of the

ending accounts receivable belance will be uncollectible.

b$.$ Prepare the income statement, statement of changes in stockholders' equity, bolsnce sheet, ond statement of cash flows for Yesr $1.$

Complete this question by entering your answers in the tabs below.

Req B Incorne

Req B

Statement

Statement.

Req B Balance

Req B

Stockhoiders

Sheet

Prepare the statement of changes in stockholders' equity for Year $1.$