During the year, X Company sold merchandise on account to customers for $415,000. The company collected $381,000 in cash from customers during the year. Which of these amounts appears on the Income Statement and which appears on the Statement of Cash Flows?

$381,000 appears on the Income Statement and $415,000 appears on the Statement of Cash Flows $34,000 appears on the Income Statement and $381,000 appears on the Statement of Cash Flows $381,000 appears on both statements $415,000 appears on both statements $34,000 appears on both statements $415,000 appears on the Income Statement and $381,000 appears on the Statement of Cash Flows