Answer only please. Required information[The following information applies to the questions displayed below.]Leach Inc. experienced the following events for the first two years of its operations:Part 2 of 4Year 1:1. Issued $10,000 of common stock for cash.2. Provided $80,000 of services on account.3. Provided $25,000 of services and received cash.4. Collected $55,000 cash from accounts receivable.5. Paid $16,000 of salaries expense for the year.6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 8 percentof the ending accounts receivable balance will be uncollectible.ointseBookYear 2:1. Wrote off an uncollectible account for $730.2. Provided $100,000 of services on account.3. Provided $20,000 of services and collected cash.4. Collected $82,000 cash from accounts receivable.5. Paid $30,000 of salaries expense for the year.6. Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 8 percent of theending accounts receivable balance will be uncollectible. b. Prepare an income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Year 1.Part 2 of 4Complete this question by entering your answers in the tabs below.10Reg B BalSheetReg B StmtCash FlowspointsReg B IncEReg B Stmt SEStmtPrepare an income statement for Year 1.eBookLEACH INC.Income StatementFor the Year Ended December 31, Year 1Operating expensesTotal operating expensesReg B inc StrmtReq B Stmt SE>

The question is based on the concept of Financial Accounting.

Leach Inc. experienced the following events for the first two years of its operations: Year 1: 1. Issued $10,000 of common stock for cash. 2. Provided $80,000 of services on account. 3. Provided $25,000 of services and received cash. 4. Collected $55,000 cash from accounts receivable. 5. Paid $16,000 of salaries expense for the year. 6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 8 percent of the ending accounts receivable balance will be uncollectible.