Helen Parish started a design company on January 1, Year 1. On April 1, Year 1, Parish borrowed cash from a local bank by issuing a one-year $43,500 face value note with annual interest based on an 10 percent discount. During Year 1, Parish provided services for $37,150 cash. Required Answer the following questions. (Hint: Record the events in T-accounts prior to answering the questions.) a. What is the amount of total liabilities on the December 31, Year 1, balance sheet? b. What is the amount of net income on the Year 1-income statement? c. What is the amount of cash flow from operating activities on the Year 1 statement of cash flows? d. Provide the general journal entries necessary to record issuing the note on April 1, Year 1; recognizing accrued interest on December 31, Year 1; and repaying the loan on March 31, Year 2. Answer the following questions. Record the events in T-accounts prior to answering the questions. (Select "1, 2, or 3" for the tra they take place. Round your answers to nearest dollar amount.) Beginning balance Ending balance Beginning balance S Ending balance Beginning balance Ending balance Cash Notes Payable Beginning balance Ending balance Service Revenue Discount on Notes Payable Beginning balance Ending balance Interest Expense sk T Accounts Required A Required B Required C Required D ences What is the amount of total liabilities on the December 31, Year 1, balance sheet? (Round amount.) Total liabilities < TAccounts Required B > eBook T Accounts Required A Required B Required C Required D Ask References What is the amount of net incomel on the Year 1 income statement? (Rod nearest dollar amount.) Net income < Required A Requi Ask T Accounts Required A Required B Required C Required D References What is the amount of cash flow from operating activities on the Year 1 Cash flow from operating activities Journal entry worksheet < 2 3 4 Record the issuance of the note on April 1, Year 1. Note: Enter debits before credits. Date April 01 General Journal Debit Credit Journal entry worksheet < 3 4 Record the accrued interest on December 31, Year 1. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Journal entry worksheet < 2 Record the accrued interest on March 31, Year 2. Note: Enter debits before credits. Date March 31 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 Record the repayment of the loan on March 31, Year 2. Note: Enter debits before credits. Date March 31 General Journal Debit Credit Record entry Clear entry View general journal