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I see you've uploaded an image that seems to contain financial data for Alcorn Service Company, including a description of events affecting Year 1 and Year 2 accounting periods, as well as instructions for preparing financial statements.

Based on the tasks provided in the image, it appears you're being asked to prepare the following:

1. **Income Statement for Year 1 and Year 2**  
2. **Statement of Changes in Stockholders' Equity for Year 1 and Year 2**  
3. **Balance Sheet for Year 1 and Year 2**  
4. **Statement of Cash Flows for Year 1 and Year 2 (vertical statements model)**

Would you like assistance in preparing one of these financial statements? If so, please confirm which one you'd like to start with, and I can guide you through it. 

Let me know if you also need explanations or further clarification on any specific item from the list.

Prepare an income statement for Year 1 and Year 2 for Alcorn Service Company based on the provided financial data.

Learn how to prepare an income statement for Alcorn Service Company, detailing revenues and expenses for Year 1 and Year 2. The solution explains key financial accounting principles, including accrual accounting and revenue recognition.

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