During Year $1,$ Chung Corporation earned $$8,000$ of cash revenue and accrued $$5,000$ 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.$)$

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.