Exercise 2-6A (Static) Effect of accruals on the financial statements LO 2-1, Cordell inc, experienced the following events in Year t. ts frrst year of operationt 1. Recoived 540,000 cash from the issue of cominan wock. 2. Perlormed services on account for $82.000 2. Portormed services onaccount for $82.000. 56.000 cash dividend to the ssockholders. 4. Collected 578.000 of the accounts roceivable 5. Peid 553,000 cast for other operating expenses 6. Pertormed services tor 519,009 caskh. 6. Perfomod services for-519,009 clish. Mequired a. 8c. ldentify the events that retiul in rewesut or expense recogntion and these which affect the Statemert of Cash Flows column, stse CA io desigraoe egerating activity, FA for friancing act eiemert is not affected by the event lenve the cel blark. b. Based on your response to Aogurement at desertment ahe amount of net income reported on d. Based on your response to Requinement c detemine the anount of cash flow from operating statioment of cosh fows. e. Whar is the before- and after closing balance in the service revenue accounr? What is the bolonce of the retained eamingr accourt that apgears on the Year 1 balance sheel Compiete this question by emtering your antwers in the tabs below. Exercise 2-6A (Static) Effect of accruals on the financial statements LO 2-1, Cordell inc, experienced the following events in Year t. ts frrst year of operationt 1. Recoived 540,000 cash from the issue of cominan wock. 2. Perlormed services on account for $82.000 2. Portormed services onaccount for $82.000. 56.000 cash dividend to the ssockholders. 4. Collected 578.000 of the accounts roceivable 5. Peid 553,000 cast for other operating expenses 6. Pertormed services tor 519,009 caskh. 6. Perfomod services for-519,009 clish. Mequired a. 8c. ldentify the events that retiul in rewesut or expense recogntion and these which affect the Statemert of Cash Flows column, stse CA io desigraoe egerating activity, FA for friancing act eiemert is not affected by the event lenve the cel blark. b. Based on your response to Aogurement at desertment ahe amount of net income reported on d. Based on your response to Requinement c detemine the anount of cash flow from operating statioment of cosh fows. e. Whar is the before- and after closing balance in the service revenue accounr? What is the bolonce of the retained eamingr accourt that apgears on the Year 1 balance sheel Compiete this question by emtering your antwers in the tabs below