The following is a news item reported by Reuters: WASHINGTON, Jan 29 (Reuters)—Wright Medical Group, a maker of reconstructive implants for knees and hips, on Tuesday filed to sell 3 million shares of common stock.
In a filing with the U. S. Securities and Exchange Commission, it said it plans to use the proceeds from the offering for general corporate purposes, working capital, research and development, and acquisitions.
After the sale there will be about 31.5 million shares outstanding in the Arlington, Tennessee-based company, according to the SEC filing.
Wright shares closed at $17.15 on Nasdaq.
The common stock of Wright Medical Group has a par of $.01 per share.
Required:
Prepare the journal entry to record the sale of the shares assuming the price existing when the announcement was made and ignoring share issue costs. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.)

Listed below are several transactions that took place during the first two years of operations for the law firm of pete, pete, and roy. year 1 year 2amounts billed to clients for services rendered $ 170,000 $ 220,000 cash collected from clients 160,000 190,000 cash disbursements salaries paid to employees for services rendered during the year 90,000 100,000 utilities 30,000 40,000 purchase of insurance policy 60,000 0 in addition, you learn that the company incurred utility costs of $35,000 in year 1, that there were no liabilities at the end of year 2, no anticipated bad debts on receivables, and that the insurance policy covers a three-year period. required: 1. & 3. calculate the net operating cash flow for years 1 and 2 and determine the amount of receivables from clients that the company would show in its year 1 and year 2 balance sheets prepared according to the accrual accounting model.2. prepare an income statement for each year according to the accrual accounting model.