Cherokee Company began operations when it issued common stock for $90,500 cash. It pald $81,450 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 received $104,075 of cash revenue in Year 1. Required a, \& b. Record the March 1 cash payment and adjustment required as of December 31 , Year 1 in general journal format. c. Show all 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 the amount of prepaid rent Cherokee Company would report on the December 31, Yeat 1 , balance sheet. Complete this question by entering your answers in the tabs below. Record the March 1 cash payment and adjustment required as of December 31, Year 1 in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) Journal entry worksheet Record the March 1 cash payment and adjustment required as of December 31 , Year 1 in general jour for a transaction/event, select "No journal entry required" in the first account field. Do not round inter Journal entry worksheet Note: Enter debits before credits. Record the March 1 cash payment and adjustment required as of December 31 , Year 1 in general journal format. for a transaction/event, select "No journal entry required" in the first account fleld. Do not round intermediate ca Journal entry worksheet Note: Enter debits before credits. Show all events in a horizontal statements model. (Record the events as they occurred in question data. Enter any decreases to account balances and cash outfows with the 5tatement of Cash Flows column, use OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for net change in cash. Nat ali celif not round intermediate calculations.) Cherokee Company began operations when it issued common stock for $90,500 cosh. it paid $81,450 cash in advance for a one-year contract to lease delivery equipment for the business. It signed the lease agreement on March 1, Year 1 , which was effective immediately. Cherokee recelved $104,075 of cash revenue in Year 1 . Required a. \& b. Record the March 1 cash payment and adjustment required as of December 31 , Year 1 in general journal format. c. Show all 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 Year 1, balance sheet. Complete this question by entering your answers in the tabs below. 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 the amount of prepald rent Cherokee Company would report on the December 31 , Year 1 , balance sheet. (Do not round intermedlate calculations.)
