M Clark Bell started a personal financial planning business when he accepted $68,000 cash as advance payment for managing the financial assets of a large estate. Bell agreed to manage the estate for a one-year period beginning June 1 Year 1 Required Show the effects of the advance payment and revenue recognition on the Year 1 financial statements using the following horro statements model. In the Cash Flows column, use OA to designate operating activity. I for investing activity, FA for financing activity, and NC for net change in cash. If the account is not affected, leave the cell blank. b. How much revenue would Bell recognize on the Year 2 income statement? c. What is the amount of cash flow from operating activities in Year 2? cos Complete this question by entering your answers in the tabs below. Reg A Reg D and C Complete this question by entering your answers in the tabs below Rec Hey and Show the effects of the advance payment and revenue recognition on the Year I Financial statements in the following Flows column, use DA to designate operating activity, IA for investing activity. I lor financing divity, and NG lornet danach if the leave the cell blank. Do not round itermediate calculations Enter ww decreases to account balance and cost entry) Assets BELL PERSONAL FINANCIAL PLANNING Horizontal Statement Model for Year 1 Liabitie Stockholders Equity Income statemem Untamed Retained Revenue Espense - Welcome Fevenue Eamings Statement of a Flow Canh Event 1 Ace payment 2 Revenue eamed + RegBand C .. Show the effects of the advance payment and revenue recognition on the Year 1 financial statements using the following horizontal statements model. In the Cash Flows column, use OA to designate operating activity, IA for investing activity. FA for financing activity, and NC for net change in cash. If the account is not affected, leave the cell blank. b. How much revenue would Bell recognize on the Year 2 income statement? c. What is the amount of cash flow from operating activities in Year 2? Complete this question by entering your answers in the tabs below. Reg A Req Band How much revenue would Bell recognize on the Year 2 income statement? What is the amount of cash flow from operating activities in Year 2? (Do not round intermediate calculations and round your final answers to nearest whole dollar) Revenue to be recognized in Year 2 c Amount of cash flow from operating activities