During the year, X Company sold merchandise on account to customers for $412,000. The company collected $397,000 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? $15,000 appears on the Income Statement and $397,000 appears on the Statement of Cash Flows $397,000 appears on both statements $412,000 appears on both statements $15,000 appears on both statements $412,000 appears on the Income Statement and $397,000 appears on the Statement of Cash Flows $397,000 appears on the Income Statement and $412,000 appears on the Statement of Cash Flows