During Year 1, Chung Corporation earned $7,100 of cash revenue and accrued $4,400 of salaries expense. Required Based on this information alone: a. Prepare the December 31, Year 1, balance sheet. 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. Complete this question by entering your answers in the tabs below. Accounting Equation Req A Req B and C Determine the amount of net income that Chung would report on the Year 1 income statement. Determine the amount of net cash flow from operating activities that Chung would report on the Year 1 statement of cash flows. b. Net income c. Net cash flow from operating activities Accounting Equation Based on this information alone: (Not all cells require input. Enter any decreases to account balances with a minus sign.) CHUNG CORPORATION Accounting Equation - Year 1 Event Earned revenue Accrued salaries Ending balance Req A Req B and C Assets = Liabilities + Cash = Salaries Payable = = = + + + + Stockholders' Equity Retained Earnings Common Stock < Accounting Equation + + + + Req A > Prepare the December 31, Year 1, balance sheet. Assets Total assets Liabilities CHUNG CORPORATION Balance Sheet As of December 31, Year 1 Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity < Accounting Equation Req B and C >