Prepare a balance sheet for Year 1. (Enter amounts to be deducted with a minus sign.) Holmes Cleanng Service began operaton on January 1, Year 1. I he company experienced the following events for its first year of operations. Events Affecting Year 1: 1. Provided $84,000 of cleaning services on account. 2. Collected $76,000 cash from accounts receivable. 3. Paid salaries of $28,500 for the year. 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1,650. The expense was determined using the percent of revenue method. Prepare an income statement, balance sheet, and statement of cash flows for Year 1. Complete this question by entering your answers in the tabs below. Prepare an income statement for Year 1. \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|c|}{ HOLMES CLEANING SERVICE } \\ \hline \multicolumn{3}{|c|}{ Statement of Cash Flows } \\ \hline \multicolumn{3}{|c|}{ For the Year Ended December 31, Year 1} \\ \hline Cash flow from operating activities: & & \\ \hline Cash inflow from customers & $150,000 & \\ \hline Cash outflow for expenses & (30,000) & \\ \hline Net cash flow from operating activities & & $120,000 \\ \hline Cash flows from investing activities & & \\ \hline Cash flows from financing activities & & \\ \hline Net change in cash & & 120,000 \\ \hline Plus: Beginning cash balance & & 00 \\ \hline Ending cash balance & & $120,000 \\ \hline \end{tabular}