2. Jeff King started Tax Time on January 01, 2020. The company experienced the following events during its first year of operation: a. c. Acquired $20,000 cash from the owner to begin operations. b. Paid $8,000 cash to purchase land Provided tax services to customers and received $18,000 cash d. Paid $9,500 in advance for rent e. Borrowed $10,000 cash from bank At the end of the period rent prepaid was $1,500 g. Drawing $1800 cash by the owner n. Interest accrued on bank loan $900 Provided tax services to customers and billed $1,500 t. i. i ii. Provided tax services to customers and billed $1,500 Required: 6X15= 9 What is the amount of net incomeet loss? What is the amount of total assets at the end of the period? iii. What is the amount of cash inflow from operating activities? What is the amount of net cash flow from financing activities? What is the amount of net cash flow from investing activities? What is the amount of cash balance at the end of the period? 3. Why a long term fixed asset/PPE cannot be directly credited when depreciation expense is recorded? 1X1=1 iv. V. vi