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

Received $$41,500$ cash from the issue of a short$-$term note with a $7$ percent interest rate and a one$-$year maturity. The note was made on April $1,$ Year $1.$

Received $$116,000$ cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of $6$ percent.

Paid $$71,000$ cash for other operating expenses during the year.

Paid the sales tax due on $$96,000$ 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 $$141,000$ cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of $6$ percent.

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

Paid $$84,000$ of other operating expenses during the year.

Paid the sales tax due on $$116,000$ 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 $2.$