Tile, Etc had the following transactions in Year 2 : 1. Purchased merchandise on account for $620,000. 2 Sold merchandise that cost $460,000 for $970,000 on account. 3. Sold for $285,000 cash merchandise that had cost $176,000 4. Sold merchandise for $230,000 to credit card customers. The merchandise had cost $112000. The credit card company charges a 4 percent fee. 5. Collected $700,000 cash from accounts recelvable. 6. Paid $650,000 cash on accounts payable. 7 Paid $153,000 cash for selling and administrative expenses. 8. Collected cash for the full amount due from the credit card company (see item 4) 9. Loaned $50.000 to J. Parks. The note had an 9 percent interest rate and a one-year term to paturity, 10. Wrote off $8,300 of accounts as uncollectible. 11. Made the following adjusting entries: (a) Recorded uncollectible accounts expense estimated at 1 percent of sales on account (b) Recorded seven months of accrued interest on the note ot December 31, Year 2 (see item 9). TLE, ETC., INC. Statement of Cash Flows For the Year Ended December 31, Year 2