(Solved): Required information [The following information applies to the questions displayed below.] Alc ...

Required information [The following information applies to the questions displayed below.] Alcorn Service Company was formed on January 1 , Year 1. Events Affecting the Year 1 Accounting Period 1. Acquired $$\$79,000$$ cash from the issue of common stock. 2. Purchased $$\$5,000$$ of supplies on account. 3. Purchased land that cost $$\$56,000$$ cash. 4. Paid $$\$5,000$$ cash to settle accounts payable created in Event 2. 5. Recognized revenue on account of $$\$80,000$$. 6. Paid $$\$40,000$$ cash for other operating expenses. 7. Collected $$\$57,000$$ cash from accounts receivable. Information for Year 1 Adjusting Entries 8. Recognized accrued salaries of $$\$5,100$$ on December 31 , Year 1. 9. Had $$\$2,100$$ of supplies on hand at the end of the accounting period. Events Affecting the Year 2 Accounting Period 1. Acquired $$\$39,000$$ cash from the issue of common stock. 2. Paid $$\$5,100$$ cash to settle the salaries payable obligation. 3. Paid $$\$9,300$$ cash in advance to lease office space. 4. Sold the land that cost $$\$56,000$$ for $$\$56,000$$ cash. 5. Received $$\$10,500$$ cash in advance for services to be performed in the future. 6. Purchased $$\$2,900$$ of supplies on account during the year. 7. Provided services on account of $$\$51,000$$. 8. Collected $$\$52,000$$ cash from accounts receivable. 9. Paid a cash dividend of $$\$5,000$$ to the stockholders. 10. Paid other operating expenses of $$\$38,500$$. Information for Year 2 Adjusting Entries 11. The advance payment for rental of the office space (see Event 3) was made on March 1 for a one-year term. 12. The cash advance for services to be provided in the future was collected on October 1 (see Event 5). The one-year contract started on October 1. 13. Had $$\$2,200$$ of supplies remaining on hand at the end of the period. 14. Recognized accrued salaries of $$\$5,800$$ at the end of the accounting period. 15. Recognized $$\$2,300$$ of accrued interest revenue. Complete this question by entering your answers in the tabs below. Prepare the balance sheet for Year 1 and Year 2. Complete this question by entering your answers in the tabs below. Prepare the statement of cash flows for Year 1 and Year 2, using the vertical statements model. (Cash outflov indicated with a minus sign.)