Exercise 13-15A (Algo) Recording prepaid items and identifying their effect on financial statements Lo 13-2 Cherokee Company began operations when it issued common stock for $95,500 cash \& paid $85,950 cash in advance for a ane-year contract to lease delivery equipment for the business. it signed the lease agreement an March 1 , Year t, which was effective immediately. Cherokee received $109,825 of eash revenue in Year 1. Required a. \& b. Record the March f cash payment and adjustment required as of December 31, Year 1 in general journal format. c. Show all events in a horizontal statements model. d. \& e. What amount of net income will Cherokee Coimpany report on the Year 1 income statement? What is the amount of net cash flow from operating activities for Year 1 ? Determine the amount of prepaid rent Cherokee Company would report pn the December 38 Year 1 , balance sheet. Complete this question by entering your answers in the tabs below. Record the March 1 cash payment and adjustment required as of December 31, Year 1 in general journal format, if in entiy is remized Journal entry worksheet Record the March 1 , cash payment and adjustment required as of December 31 , Year 1 in general journal format, (if no entry is requirot for a transaction/event, select "No journal entry, required" in the first account field. Do not round intermediate crilculations.) Journal entry worksheet Record rent paid in advance. Note: Friter debits befere credits. Show all events in a horizontal statements model, (Record the events as they occurred in question data. Enter any decreases to account baiances and cash outtiowi mitan not round intermediate calculations.) Immediately. Cherokee received $109,825 of cash revenue in Year lease agreement on March 1, Year 1, which was effective Required a. \& b. Record the March 1 cash payment and adjustment required as of December 31, Year 1 in general jourhal format. c. Show all events in a horizontal statements model. d. \& e. What amount of net income will Cherokee Company report on the Year 1 income statement? What is the amount of net cash. flow from operating activities for Year 1?. Determine the amount of prepaid rent Cherokce Company would report on the December 3t, Year 1. balance sheet. Complete this question by entering your answers in the tabs below. What amount of net income will Cherokee Company report on the Year 1 income statement? What is the amount of net caser flow from operating activities for Year 1 ? Determine the amount of prepaid rent Cherokee Company would report on the December 31, Year 1 , balance sheet. (Do not round intermediate calculations.)