Clark Bell started a personal financial planning business when he accepted $59,000 cash as advance payment for managing the financial assets of 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 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.) CLARK BELL PERSONAL FINANCIAL PLANNING Horizontal Statements Model for Year 1 Assets Liabilities+ Income Statement Event Equity Statement of Cash Flow Revenue-ExpenseNet Income Earnings 1. Advance payment 2. Revenue eamed Totals