equirea intormation Exercise 7-15A (Static) Comprehensive single-cycle problem LO 7-1, 7-5, 7.6 [The following information applies to the questions displayed below. The following post-closing trial balance was drawn from the accounts of Little Grocery Supplier (LGS) as of December 31 , Year 1. Transactions for Year 2 1. LGS acquired an additional $20,000 cash from the issue of common stock. 2. LGS purchased $85,000 of inventory on account. 3. LGS sold inventory that cost $91,000 for $160,000. Sales were made on account. 4. The company wrote off $900 of uncollectible accounts. 5. On September 1, LGS loaned $18,000 to Eden Company The note had an 8 percent interest rate and a one-year term. 6. LGS poid $19,000 cash for operating expenses 7. The company collocted $161,000 cash from accounts recelvable: 8. A cash payment of $92,000 was pald on accounts payable. 9. The compony paid a $5,000 cosh dividend to the stockholders 10. Accepted credit cards for soles amounting to $7,000. The cost of goods sold was $4,000. The credit card company charges a 4 percent service charge. The cash has not been recelved. 11. Uncollectible accounts are estimated to be 1 percent of sales on account. 12. Recorded the accrued interest at December 31. Year 2 (see item 5) c. Prepare an income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Year 2. Complete this question by entering your answers in the tabs below. Prepare an income statement for Year 2. equirea intormation Exercise 7-15A (Static) Comprehensive single-cycle problem LO 7-1, 7-5, 7.6 [The following information applies to the questions displayed below. The following post-closing trial balance was drawn from the accounts of Little Grocery Supplier (LGS) as of December 31 , Year 1. Transactions for Year 2 1. LGS acquired an additional $20,000 cash from the issue of common stock. 2. LGS purchased $85,000 of inventory on account. 3. LGS sold inventory that cost $91,000 for $160,000. Sales were made on account. 4. The company wrote off $900 of uncollectible accounts. 5. On September 1, LGS loaned $18,000 to Eden Company The note had an 8 percent interest rate and a one-year term. 6. LGS poid $19,000 cash for operating expenses 7. The company collocted $161,000 cash from accounts recelvable: 8. A cash payment of $92,000 was pald on accounts payable. 9. The compony paid a $5,000 cosh dividend to the stockholders 10. Accepted credit cards for soles amounting to $7,000. The cost of goods sold was $4,000. The credit card company charges a 4 percent service charge. The cash has not been recelved. 11. Uncollectible accounts are estimated to be 1 percent of sales on account. 12. Recorded the accrued interest at December 31. Year 2 (see item 5) c. Prepare an income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Year 2. Complete this question by entering your answers in the tabs below. Prepare an income statement for Year 2