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The following transactions apply to Jova Company for Year 1, the first year of operation: 1. Issued $10,500 of common stock for cash. 2. Recognized $65,500 of service revenue earned on account. 3. Collected $58,400 from accounts receivable. 4. Paid operating expenses of $35,000. 5. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be 2 percent of sales on account. The following transactions apply to Jova for Year 2: 1. Recognized $73,000 of service revenue on account. 2. Collected $66,400 from accounts receivable. 3. Determined that $910 of the accounts receivable were uncollectible and wrote them off. 4. Collected $200 of an account that had previously been written off. 5. Paid $48,600 cash for operating expenses. 6. Adjusted the accounts to recognize uncollectible accounts expense for Year 2. Jova estimates uncollectible accounts expense will be 1.0 percent of sales on account. X Answer is not complete. Complete this question by entering your answers in the tabs below. Req D1 Inc Stmt Req Di Stmt of Changes Req Di Bal Sheet Reg D1 Stmt of Cash Flows Prepare the income statement for Year 1. JOVA COMPANY Income Statement For the Year Ended Year 1 Service revenue $ 65,500 Expenses Operating expenses Uncollectible accounts expense $ 35,000 1,310 Total expenses 36,310 $ 29,190 Net income X Answer is not complete. Complete this question by entering your answers in the tabs below. Req D1 Inc Stmt Req Di Stmt of Changes Req Di Bal Sheet Reg D1 Stmt of Cash Flows Prepare the statement of changes in stockholders' equity for Year 1. JOVA COMPANY Statement of Changes in Stockholders' Equity For the Year Ended Year 1 Beginning common stock Plus: Stock issued 10,500 $ 10,500 Ending common stock Beginning retained earnings Plus: Net income 29,190 Ending retained earnings Total stockholders' equity 29,190 $ 39,690 JOVA COMPANY Balance Sheet As of December 31, Year 1 Assets Cash $ 33,900 Accounts receivable $ 7,100 Less: Allowance for doubtful accounts 1,310 5,790 $ 39,690 Total assets Liabilities Stockholders' equity Common stock $ 10,500 29,190 Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 39,690 $ 39,690 JOVA COMPANY Statement of Cash Flows For the Year Ended Year 1 Cash flows from operating activities: Inflow from customers Outflow for expenses $ 58,400 (35,000) $ 23,400 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Inflow from issue of Common Stock 10,500 10,500 Net cash flow from financing activities Net change in cash 33,900 Ending cash balance $ 33,900 JOVA COMPANY Income Statement For the Year Ended Year 2 Service revenue $ 73,000 Expenses Operating expenses $ (48,600) (730) Uncollectible accounts expense Total expenses (49,330) $ 23,670 Net income JOVA COMPANY Statement of Changes in Stockholders' Equity For the Year Ended Year 2 $ 10,500 Beginning common stock Plus: Stock issued Ending common stock Beginning retained earnings Plus: Net income $ 10,500 $ 29,190 23,670 52,860 Ending retained earnings Total stockholders' equity $ 63,360 JOVA COMPANY Balance Sheet As of December 31, Year 2 Assets Cash $ 51,900 Accounts receivable $ 11,460 1,330 Less: Allowance for doubtful accounts 10,130 $ 62,030 Total assets Liabilities Stockholders' equity Common stock $ 10,500 52,860 Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 63,360 $ 63,360 JOVA COMPANY Statement of Cash Flows For the Year Ended Year 2 Cash flows from operating activities: Inflow from customers $ 66,600 Outflow for expenses (48,600) $ 18,000 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net change in cash Plus: Beginning cash balance Ending cash balance 18,000 33,900 $ 51,900