During Year 1, Chung Corporation earned $5,600 of cash revenue and accrued $4,200 of salaries expense. Required Based on this information alone: (Hint Record the events in general ledger accounts under an accounting equation before satisfyl the requirements) (Enter any decreases to account balances with a minus sign.) CHUNG CORPORATION Accounting Equation - Year 1 AssetsLiabilities+ Stockholders' Equity Event Salaries Payable Common Stock Retained Earnin Cash 5,600 Earned revenue Accrued salaries Ending balance 5,600 5,600 5,600 ework a. Prepare the December 31, Year 1, balance sheet. CHUNG CORPORATION Balance Sheet As of December 31, Year 1 Assets Total assets Liabilities Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity b. Determine the amount of net income that Chung would report on the Year 1 income statement. c. Determine the amount of net cash flow from operating activities that Chung would report on the Year 1 statement of cash flows. et cash flow from operating a