n addition, you leain that the firm incurred utility costs of $37,000 in year 1 , that there were no liabilities at the end of year 2 , no anticlpated bad debts on recelvables, and that the insurance policy covers a three-year period. Required: 1. \& 3. Calculate the net operating cash flow for years 1 and 2 and determine the amount of recelvables from clients that the firm would show in its year 1 and year 2 balance sheets prepared according to th accrual accounting model. 2. Prepare an income statement for each year according to the accrual accounting model. ( Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Prepare an income statement for each year according to the accrual accounting model