The following post-closing trial balance was drawn from the accounts of Little Grocery Supplier (LGS) as of December 31, Year 2: Cash Accounts receivable Allowance for doubtful accounts Inventory Accounts payable Common stock Retained earnings $ 5,510 17,305 1,675 23, 660 9,175 18,400 17,225 Transactions for Year 3 1. Acquired an additional $12,000 cash from the issue of common stock. 2. Purchased $60,300 of inventory on account. 3. Sold inventory that cost $62,500 for $93,800. Sales were made on account. 4. The company wrote off $1,180 of uncollectible accounts. 5. On September 1, LGS loaned $9,500 to Eden Co. The note had an 8 percent interest rate and a one-year term. 6. Paid $14,160 cash for operating expenses. 7. The company collected $72,660 cash from accounts receivable. 8. A cash payment of $52,420 was paid on accounts payable. 9. The company paid a $4,500 cash dividend to the stockholders. 10. Uncollectible accounts are estimated to be 1 percent of sales on account. 11. Recorded the accrued interest at December 31, Year 3 (see item 5). Prepare an income statement for Year 3. (Enter all final answers i LITTLE GROCERY SUPPLIER (LGS) Income Statement For the Year Ended December 31, Year 3 Expenses 0 Total expenses Operating income 0 LITTLE GROCERY SUPPLIER (LGS) Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 3 Beginning common stock $ 0 Ending common stock Beginning retained earnings 0 Ending retained earnings Total stockholders' equity $ 0 LITTLE GROCERY SUPPLIER (LGS) Balance Sheet As of December 31, Year 3 Assets 0 Total assets $ 0 Liabilities 0 Total liabilities Stockholders' equity 0 Total stockholders' equity Total liabilities and stockholders' equity $ 0 LITTLE GROCERY SUPPLIER (LGS) Statement of Cash Flows For the Year Ended December 31, Year 3 Cash flows from operating activities $ 0 Net cash flow from operating activities Cash flows from investing activities: 0 Cash flows from financing activities 0 Net cash flows from financing activities Net change in cash 0 Ending cash balance $