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. es Complete this question by entering your answers in the tabs below. Accounting Equation RAGA Reg Band 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 Salaries Common Cash Ratained Payable Stock Earnings Event Erdrevenue Acorud sales Ending balance . 0 O. 0. Ateling quan Reg A > Accounting Equation Req A Req B and C ook Prepare the December 31, Year 1, balance sheet. int rint CHUNG CORPORATION Balance Sheet As of December 31, Year 1 rences Assets Total assets $ 0 Liabilities Total liabilities Stockholders' Equity $ 0 Total stockholders' equity Total liabilities and stockholders' equity Oo $ 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. Complete this question by entering your answers in the tabs below. Accounting Equation RAGA Red Band 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 Net cash low from operating activities