To support herseif while attenalig school. Daun Deloch scld stereo oystams to other students. Duting the first year of operations. Deloch purchosed the skereo systems for $148,000 and sold them for $276,000 cash. She provided her customers with a one-year warranty oganst defects in parts and labor. Based po (ndustry standards, she estimated that warranty ciaims wouid amount to 4 percent o: sales. During the yeat, she pad $2 oso cash to replsce a defective tuncer. Required a-1. Prepore an income statement for Delochy first year of operaticn. a2. Prepare a statement of cash fows for Deioch's first year of operation, Complete this auestion by entering your ankwers in the tabs below. Prepare an income statement for peoch's first year of operation, To support herself while attending school, Daun Deloch sold stereo systems to other students. During the first year of operations, Deloch purchased the stereo systems for $148,000 and sold them for $278,000 cash. She provided her customers with a one-year warranty against defects in parts and labor. Based on industry standards, she estimated that warranty claims would amount to 4 percent of sales. During the year, she paid $2,080 cash to replace a defectlve tuner. Required a-1. Prepare an income statement for Deloch's first year of operation. a-2. Prepare a statement of cash flows for Deloch's first year of operation. Complete this question by entering your answers in the tabs below. Prepare a statement of cash flows for Deloch's first year of operation. (Cash outfiows should be indicated with a minus sign.)