Complete this question by entering your answers in the tabs below. Reg A and B ReqC Reg D Req E ReqE What amount of liabilities would Raylan report on the Year 1 balance sheet? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.) Unearned revenue Complete this question by entering your answers in the tabs below. Req A and B Req Reg D Req E Determine the amount of net income on the Year 1 income statement. What is the amount of net cash flow from operating activities for Year 1? (Do not round intermediate calculations. Round your answers to the nearest dollar amount.) Revenue Expenses Net income Cash flows from operating activities: Cash received from revenue Net cash flow from operating activities Complete this question by entering your answers in the tabs below. Req A and B Reqc Req D ReqE Show the preceding transaction and related adjustment in a horizontal statements model. (In the Cash Flow column, use OA to designate operating activity, IA investment activity, FA for financing activity, NC for net change in cash and NA to indicate the element is not affected by the event. Do not round intermediate calculations. Round your answers to the nearest dollar amount. Enter any decreases to account balances and cash outflows with a minus sign.) Show RAYLAN COMPANY Effect of Transactions on Financial Statements Balance Sheet Income Statement Statement of Cash Flows Date Assets Stockholders' Equity Liabilities Revenue - Expenses = Net Income 6/1 | 12/31 + Balance + Complete this question by entering your answers in the tabs below. ULTUULILULILULUI Req A and B Reqc Req D 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 60500 LC Beg. Bal 16/1 Beg. Bal 6/1 12/31 End. Bal 60,500 (35,292) 25,208 12/31 End. Bal 60.500 Service Revenue Beg. Bal 12/31 End. Bal Reg A and B Reqc) Exercise 3-11A Recording unearned revenue and identifying its effect on financial statements LO 3-1 Raylan received a $60,500 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 a. & 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. d. Determine the amount of net income on the Year 1 income statement. 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