Check my work 2 Clark Bell started a personal financial planning business when he accepted $64,000 cash as advance payment for managing the financial assets a large estate. Bell agreed to manage the estate for a one-year period beginning June 1, Year 1 Required a. Show the effects of the advance payment and revenue recognition on the Year 1 financial statements using a horizontal statements model given below. In the Statement of Cash Flows column, use OA to designate operating activity, IA for investing activity, FA for financing activity, NC for net change in cash and NA if the account is not affected. (Do not round intermediate calculations and round your final answers to nearest whole number. Enter any decreases to account balances and cash outflows with a minus sign.) 12.5 points eBook CLARK BELL PERSONAL FINANCIAL PLANNING Horizontal Statements Model for Year 1 Balance Sheet Income Statement Stockholders Equity References Statem Cash Net Income Assets Liabilities Revenue - Expense Event Elows Unearned Revenue Retained Cash Earnings 1. Advance payment 64.000 64.000 64,000 OA - 2. Revenue eamed 64,000 + 64,000 0 0 0 64,000 Totals b. How much revenue would Bell recognize on the Year 2 income statement? (Do not round intermediate calculations and round your final answer to nearest whole number.) Revenue to be recognized in Year 2 b. How much revenue would Bell recognize on the Year 2 income statement? (Do not round intermediate calculations and round your final answer to nearest whole number.) Revenue to be recognized in Year 2 c. What is the amount of cash flow from operating activities in Year 2? Amount of cash flow from operating activities