4 Cherokee Company began operations when it issued common stock for $89,000 cash. It paid $80,100 cash in advance for a one-year contract to lease dellvery equipment for the business. It signed the lease agreement on March 1, Year 1, which was effective immediately. Cherokee recelved $102,350 of cash revenue in Year 1. 20 Required a. & b. Record the March 1 cash payment and adjustment required as of December 31, Year 1 in general journal format. c. Show ail events in a horizontal statements model. d. & e. What amount of net income will Cherokee Company report on the Year 1 income statement? What is the amount of net cash flow from operating activities for Year 1 ? Determine