Alcorn Service Company was formed on January 1, year 1events affecting the year 1 accounting period1. Acquired $76,000 cash from the issue of common stock2. Purchased $4,400 supplies on account3. Purchased land that cost $50,000 cash4. Paid $4,400 cash to settle accounts payable created in Event 25. Recognized revenue on account of $74,0006. Paid $37,000 cash for other operating expenses7. Collected $54,000 cash from accounts recievable information for year 1 adjusting entires8. Recognized accrued salaries of $4,800 on Dec 31 year 19. Had 1,800 of supplies on hand at the end of the accounting period events affecting the year 2 accounting period1. Acquired $36,000 cash form the issue of common stock2. Paid $4,800 cash to settle the salaries payable obligation3. Paid $8,400 cash in advance to lease office space4. Sold the land that cost $50,000 for $50,000 cash5. Revieved $9,600 cash in advance for services to be performed in the future6. Purchased $2,600 of supplies on account during the year7. Provided services on account of $50,0008. Collected $49,000 cash from accounts recievable9. Paid a cash dividend of $8,000 to the stockholders10. Paid other operating expenses of $35,000 Information for year 2 adjusting entries11. The advance payment for rental of the office space (see event 3) was made on March 1 for a one-year term]12. The cash advance for services to be provided in the future was collected on October 1, (see event 5). The one--year contracted starting October 113. Had $1,900 of supplies remaining on hand at the end of the period14. Recognized accrued salaries of $5,500 at the end of the accounting periodRequireda. Identify each event affecting the year 1 and year 2 accounting period as asset source (AS) asset use(AU) asset exchange (AE) or claims exchange (CE). Record the effects of each event under the appropriate account headings of the accounting equationb. Prepare an income statement statement of changes in stockholders' equity, balance sheet, and statement of cash flows for year 1, and year 2