Cherokee Company began operations when it issued common stock for $107,000 cash. It paid $96,300 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 received $123,050 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, Year 1, balance sheet. Complete this question by entering your answers in the tabs below. Req A and B Req C Req D and E 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.) View transaction list View journal entry worksheet No 1 Date March 01 General Journal No Transaction Recorded Req A and B Req C > Debit Credit