During Year 1, Chung Corporation earned $6,800 of cash revenue and accrued $3,500 of salaries expense, Required Based on this information alone: (Hint Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) (Enter any decreases to account balances with a minus sign.) CHUNG CORPORATION Accounting Equation Year 1 Assets Liabilities Stockholders' Equity Cash Salaries Common Retained Payable Stock Earnings Event Earned revenue Accrued salarios Ending balance 01 0 0 0 a. Prepare the December 31, Year 1, balance sheet. CHUNG CORPORATION Balance Sheet As of December 31, Year 1 Assets Total assets $ 0 Liabilities $ 0 Total liabilities Stockholders' Equity 0 Total stockholders' equity Total liabilities and stockholders' equity $ 0 b. Determine the amount of net income that Chung would report on the Year 1 income statement Not incomo c. Determine the amount of net cash flow from operating activities that Chung would report on the Year 1 statement of cash flows. Not onth flow from operating activities