Ed Amold started a personal financial planning business when he accepted $64,000 cash as advance payment for managing the financial assets of a large estate. Amold agreed to manage the estate for a one year period beginning May 1, 2014 Required a. Show the effects of the advance payment and revenue recognition on the 2014 financial statements using a horizontal statements model given below. In the Cash Flows column, use OA to designate operating activity, IA for investing activity, FA for financing activity, NC for net change in cash and NA if the account is not affected. (Do not round intermediate calculations and round your final answers to nearest whole number. Enter any decreases to account balances and cash outflows with a minus sign.) ED ARNOLD PERSONAL FINANCIAL PLANNING Horizontal Statements Model for 2014 Assets- Liabilities Stockholders Income Statement Statement of Cash Flows Event Retained Cash Unearned Revenue Expense Net Income 1. Advance payment 2. Revenue earned Totals b. How much revenue would Ed recognize on the 2015 income statement? (Do not round intermediate calculations and round your answers to nearest whole number.) to be recognized in 2015