The following transactions apply to Walnut Enterprises for Year 1, its first year of operations:

Received $42,000 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.

Received $119,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 7 percent.

Paid $72,500 cash for other operating expenses during the year.

Paid the sales tax due on $99,000 of the service revenue for the year. Sales tax on the balance of the revenue is not due until Year 2.

Recognized the accrued interest at December 31, Year 1.

The following transactions apply to Walnut Enterprises for Year 2:

Paid the balance of the sales tax due for Year 1.

Received $144,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 7 percent.

Repaid the principal of the note and applicable interest on April 1, Year 2.

Paid $85,500 of other operating expenses during the year.

Paid the sales tax due on $119,000 of the service revenue. The sales tax on the balance of the revenue is not due until Year 3.

(For all requirements, round your intermediate and final answers to the nearest whole dollar amount.)

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.

Prepare a statement of cash flows for Year 2. (Enter cash outflows and amoun WALNUT ENTERPRISES Statement of Cash Flows For the Year Ended December 31, Year 2 \begin{tabular}{|l|l|l|} \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Net cash flow from operating activities & & \\ \hline Cash flows from investing activities & & $ \\ \hline Cash flows from financing activities: & & \\ \hline & & \\ \hline & & \\ \hline Net cash flow from financing activities & & \\ \hline Net change in cash & & \\ \hline & & \\ \hline Ending cash balance & & \\ \hline \end{tabular} Req F5 Req F7 Journal entry worksheet Paid the balance of the sales tax due for Year 1. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Record the closing entry for service revenue. Note: Enter debits before credits. Prepare a statement of changes in stockholders' equity for Year 2. Prepare a balance sheet for Year 2 . Prepare an income statement for Year 2. Prepare a post-closing trial balance for Year 2 . Post the Year 2 transactions and closing entries to T-accounts