Complete this question by entering your answers in the tabs below. Req A and B Req C Req D1 Req D2 Req E Show the preceding transaction and related adjustment in a horizontal statements model. (Enter any decreases to account balances and cash outflows with a the Statement of Cash Flows column, use the initials OA to designate operating activity, FA to designate finance activity, IA to designate investing activity and change in cash. Not all cells require input. Round your answers to the nearest dollar.) RAYLAN COMPANY Effect of Transactions on Financial Statements Balance Sheet Income Statement Statement of Cash Date Assets Liabilities Stockholders' Revenue Expenses Net Income Flows + - Equity 6/1 68,500 68,500 + 0 0 0 0 68,500 OA 12/31 0 E (39,958) + 39,958 39,958 0 39,958 0 Balance 68,500 28,542 + 39,958 39,958 0 E 39,958 68,500 Raylan received a $68,500 cash advance payment on June 1, Year 1, for consulting services to be performed in the future. Services were to be provided for a one-year term beginning June 1, Year 1. Required 3. & b. Record the June 1 cash receipt in T-accounts and the adjustment required as of December 31, Year 1. c. Show the preceding transaction and related adjustment in a horizontal statements model. d1. Determine the amount of net income on the Year1 income statement. d2. What is the amount of net cash flow from operating activities for Year 1? e. What amount of liabilities would Raylan report on the Year 1 balance sheet? Complete this question by entering your answers in the tabs below. Req A and B Req C Req D1 Req D2 Req E Record the June 1 cash receipt in T-accounts and the adjustment required as of December 31, Year 1. (Do not round intermediate calculations. Round your answers to the nearest dollar amount.) Cash Unearned Revenue Beg. Bal 0 0 Beg. Bal 68,500 0 39,958 68,500 6/1 0 0 0 End. Bal 68,500 End. Bal 28,542 Service Revenue Beg. Bal O 0 0 39,958 12/31 End. Bal 39,958Complete this question by entering your answers in the tabs below. Req A and B Determine the amount of net income on the Year 1 income statement. (Do not round intermediate calculations. Round your final answers to the nearest dollar amount.) s Net income $ 39,958 Complete this question by entering your answers in the tabs below. Req A and B Req C What is the amount of net cash flow from operating activities for Year 1? (Do not round intermediate calculations. Round your final answers to the nearest dollar amount.) Cash ows from operating activities: Cash received from revenue Net cash ow from operating activities $ 68,500 Complete this question by entering your answers in the tabs below. Req A and B Req C Req D1 Req D2 Req E What amount of liabilities would Raylan report on the Year 1 balance sheet? (Do not round intermediate calculations. Round your final answer to the nearest dollar amount.) Unearned revenue $ 28,542