The following transactions apply to Hooper Co. for Year 1, its first year of operations: Issued...

The following transactions apply to Hooper Co. for Year 1, its first year of operations: Issued $170,000 of common stock for cash. Provided $96,000 of services on account. Collected $84,000 cash from accounts receivable. Loaned $11,000 to Mosby Co. on November 30, Year 1. The note had a one-year term to maturity and a 6 percent interest rate. Paid $44,000 of salaries expense for the year. Paid a $3,000 dividend to the stockholders. Recorded the accrued interest on December 31, Year 1 (see item 4). Estimated that 1 percent of service revenue will be uncollectible. b. Prepare the income statement, balance sheet, and statement of cash flows for Year 1

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