Mind Maps Company is a new start-up focusing on improving the mental health of its customers through meditation. The company experienced the following events during its first year of operations, Year 1:\ \ Performed services on account in the amount of $55,600 during Year 1.\ Collected $12,800 cash of the balance of accounts receivable during Year 1.\ Recorded $27,800 of accrued salaries at the end of the fiscal year.\ Required:\ Use a horizontal financial statements model to show how each event affects the balance sheet, income statement, and statement of cash flows. More specifically, record the amounts of the events into the model. Also, in the Statement of Cash Flows column, classify the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA). Use NA to indicate accounts not affected by the event. The first transaction is shown as an example.\ Is the amount of net income different from the net cash flow from operating activities during Year 1?