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 accounts under an accounting equation before satisfying the requirements.$)$

Note: Enter any decreases to account balances with a minus sign.a$.$ Prepare the December $31,$ Year $1,$ balance sheet.

Answer is not complete.

$\backslash$table$[[$CHUNG CORPORATION$],[$Balance Sheet$],[$As of December $31,$ Year $1],[$Assets$],[$Cash$,$$$8,000,],[00,],[$Total assets,,$$,8,000],[$Liabilities$],[$Salaries payable,$$5,000,],[0$V$,],[$Total liabilities,,$$,5,000],[$Stockholders$\text{'}$ Equity$],[$Retained earnings,$3,000,],[0,],[$Total stockholders' equity,,$3,000],[$Total liabilities and stockholders' equity,,$$,8,000]]$