Fleetwood Inc received a $54,500 cash advance payment on June 1, Year 1, for consulting services to be performed in the future. Services were to be provided for a one-year term beginning June 1, Year 1. Required a. Show the preceding transaction and related adjustment in a horizontal statements model. b. Determine the amount of net income on the Year 1 income statement. c. What amount of liabilities would Fleetwood report on the Year 1 balance sheet?