During Year 1, Chung Corporation earned $7100 of cash revenue and accrued $4,400 of salaries expense. Required Based on this information alone: (Hint: Record the events in 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 Salaries Cash Payable + Event Stockholders' Equity Common Retained + Stock Earnings Earned revenue + + Accrued salaries Ending balance 0 = 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. Net income c. Determine the amount of net cash flow from operating activities that Chung would report on the Year 1 statement of cash flows. Net cash flow from operating activities