During Year 1, Chung Corporation earned $5,300 of cash revenue and accrued $3,300 of salaries expense. Required: Based on this information alone: (Hint: Record the events in accounts under an accounting equation before satisfying the requirements.) Note: Enter any decreases to account balances with a minus sign. CHUNG CORPORATION Accounting Equation-Year 1 Assets Event Cash Earned revenue Accrued salaries Ending balance Liabilities Salaries Payable a. Prepare the December 31, Year 1, balance sheet. Assets CHUNG CORPORATION Balance Sheet As of December 31, Year 1 Total assets Liabilities. Total liabilities Stockholders' Equity + Stockholders' Equity Common Retained Stock Earnings + + + 0+ 0+ 0 $ 0 $ 0 Total stockholders' equity 0 Total liabilities and stockholders' equity $ 0