---### Assignment 2#### Year 1:1. Issued $16,000 of common stock for cash.2. Provided $84,600 of services on account.3. Provided $42,000 of services and received cash.4. Collected $75,000 cash from accounts receivable.5. Paid $44,000 of salaries expense for the year.6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent of the ending accounts receivable balance will be uncollectible.7. Closed the revenue account.8. Closed the expense accounts.#### Year 2:1. Wrote off an uncollectible account for $950.2. Provided $94,000 of services on account.3. Provided $38,000 of services and collected cash.4. Collected $87,000 cash from accounts receivable.5. Paid $71,000 of salaries expense for the year.6. Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent of the ending accounts receivable balance will be uncollectible.7. Closed the revenue account.8. Closed the expense accounts.#### Instructions:**d. Record the Year 2 events in general journal form and post them to T-accounts. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Year 2. What is the net realizable value of the accounts receivable at December 31, Year 2?**Complete this question by entering your answers in the tabs below.---This provides a step-by-step breakdown of financial transactions for two consecutive years and asks students to record these transactions, adjust for uncollectible accounts, and prepare key financial statements. It also includes specific tasks such as closing accounts and computing the net realizable value of accounts receivable. The instructions culminate in synthesizing the provided data to create comprehensive financial documents. ### Educational Resource on Year-End Financial Statements#### Assignment 2: Financial Recording and Statement Preparation**Task Instructions:**Record the Year 2 events in general journal form and post them to T-accounts. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Year 2. Additionally, determine the net realizable value of the accounts receivable at December 31, Year 2.**Tab-Based Interactive Completion:**Complete this question by entering your answers into the tabs provided below.**Income Statement Preparation:**Prepare the income statement for Year 2. Round your answers to the nearest whole dollar amounts.**LEACH INCORPORATED - Income Statement***For the Year Ended December 31, Year 2*| Item | Amount ($) ||--------------------------------------|-------------|| **Service revenue** | 132,000 || **Operating expenses** | || - Salaries expense | 71,000 || - Uncollectible accounts expense | 1,253 || **Total operating expenses** | 72,253 || **Net income** | 59,747 |**Navigation:**- Use the navigation buttons at the bottom of the screen to switch between different requirements (Req D1, Req D2, etc.)- Current page: 4 of 6- Navigate to the previous (Prev) or next (Next) page as neededThis table and instructions provide a clear guide for recording and analyzing Year 2 financial events for Leach Incorporated, ensuring accurate and thorough financial documentation and statement preparation.

Name: ---### Assignment 2#### Year 1:1. Issued $16,000 of common stock for
Uploaded: 2024-03-04T10:43:15.000Z
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Description: ---### Assignment 2#### Year 1:1. Issued $16,000 of common stock for cash.2. Provided $84,600 of services on account.3. Provided $42,000 of services and received cash.4. Collected $75,000 cash from accounts receivable.5. Paid $44,000 of salaries exp