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1. Prepare all journal entries required for Hamilton’s second year of operations.
2. Post this information to T-accounts.
3. Prepare an income statement that summarizes the results of operations for the second year.
4. Prepare a balance sheet as of December 31.
5. Prepare a statement of cash flow for the second year.
6. Based on your review of the financial statements, what is your assessment of the company’s performance during its first two years of operations?