accounts uslng the perceht o Problem 5-26 Accounting for notes receivable and uncollectible sales allowance method LO 5-1, 5-4 [The following information applies to the questions displayed below.] The following transactions apply to Hooper Co. for 2018, its first year of operations: 1. Issued $60,000 of common stock for cash. 2. Provided $90,000 of services on account. 3. Collected $78,000 cash from accounts receivable. 4. Loaned $20,000 to Mosby Co. on November 30, 2018. The note had a one-year term to maturity and a 6 percent inter est rate 5. Paid $26,000 of salaries expense for the year 6. Paid a $2,000 dividend to the stockholders 7. Recorded the accrued interest on December 31, 2018 (see item 4). 8. Estimated that 1 percent of service revenue will be uncollectible Problem 5-26 Part b b. Prepare the income statement, balance sheet, and statement of cash flows for 2018 Complete this question by entering your answers in the tabs below. Req B Inc Req B Bal Req B Stmt Sheet Stmt Cash Flows Prepare the income statement for 2018. HOOPER CO. Income Statement For the Year Ended 2018 Service revenue S 90,100 Operating expenses Salaries expense Uncollectible accounts expense s 28,000 900 Total operating expenses Net operating income Non-operating items 28.900 S 63.200 Net income 61.200