(The following information applies to the questions displayed below.) Alcorn Service Company was formed on January 1, Year 1. Events Affecting the Year 1 Accounting Period 1. Acquired $70,000 cash from the issue of common stock. 2. Purchased $3,200 of supplies on account. 3. Purchased land that cost $38,000 cash. 4. Paid $3,200 cash to settle accounts payable created in Event 2. 5. Recognized revenue on account of $62,000. 6. Paid $31,000 cash for other operating expenses. 7. Collected $48,000 cash from accounts receivable. Information for Year 1 Adjusting Entries 8. Recognized accrued salaries of $4,200 on December 31, Year 1. 9. Had $1,200 of supplies on hand at the end of the accounting period. Events Affecting the Year 2 Accounting Period 1. Acquired $30,000 cash from the issue of common stock. 2. Paid $4,200 cash to settle the salaries payable obligation. 3. Paid $6,600 cash in advance to lease office space. 4. Sold the land that cost $38,000 for $38,000 cash. 5. Received $7,800 cash in advance for services to be performed in the future. 6. Purchased $2,000 of supplies on account during the year. 7. Provided services on account of $42,000. 8. Collected $43,000 cash from accounts receivable. 9. Paid a cash dividend of $9,000 to the stockholders. 10. Paid other operating expenses of $29,500. Information for Year 2 Adjusting Entries Required information Complete this question by entering your answers in the tabs below. Req B1 Req B2 Req B3 Req B4 Prepare an income statement for Year 1 and Year 2. (Do not round Intermediate calculations.) ALCORN SERVICE COMPANY Income Statements For the Years Ended December 31, Year 1 and Year 2 Year 1 Year 2 0 0 Accounts payable Accounts receivable Cash Common stock Total expenses 0 0 $ 0 0 Req B2 > Required information Complete this question by entering your answers in the tabs below. Req B1 Req B2 Req B3 Req B4 Prepare the statement of changes in stockholders' equity for Year 1 and Year 2. ALCORN SERVICE COMPANY Statement of Changes in Stockholders' Equity For the Years Ended December 31, Year 1 and Year 2 Year 1 Year 2 Beginning common stock 0 0 Plus: Stock issued Less: Stock issued 0 Total stockholders' equity 0 0$ 0 mework i Saved Required information Complete this question by entering your answers in the tabs below. Req B1 Req B2 Req 63 Reg 34 Prepare the balance sheet for Year 1 and Year 2 SALCORN BERVICE COMPANY Balance Sheets As of December 31 Year and Year 2 Years Year 2 Assets Accounts payable Accounts receivable Cash Common stock 0 $ Liabilities 0 0 Total liabilities Stockholders' Equity Required information Complete this question by entering your answers in the tabs below. Req B1 Reg B2 Reg 13 Req 84 Prepare the statement of cash flows for Year 1 and Year 2, using the vertical statements model. (Cash outflows should be Indicated with a minus sign.) ALCORN SERVICE COMPANY Statements of Cash Flows For the Years Ended December 31, Year 1 and Year 2 Year 1 Year 2 Cash Sows from operating activities 0 0 Cash payment for dividends Cash payment for expenses Cash payment for land Cash proceeds from sale of land Net cash flow from investing activities Cash flows from financing activities 0 0 Net cash flow from financing activities Net change in cash OO 0