Holloway Company started operations on January 1, Year 1. During Year 1, Holloway earned $4,700 of service revenue and collected $3,995 cash from accounts receivable. Required: Based on this information alone, determine the following for Holloway Company. (Hint. Record the events in a horizontal financial statements model before satisfying the requirements.) Note: Enter any decreases to account balances with a minus sign. a. The balance of the accounts receivable that would be reported on the December 31 , Year 1 , balance sheet. b. The amount of net income that would be reported on the Year 1 income statement