On January 1, Year 1, Mayer Corporation signed a contract to perform $25,000 worth of services for Phips Company over the next three years. Which of the follow the effects of this event on the Year 1 Income statement and statement of cash flows of Mayer Corporation? Net Cash Flows Option Income Operating Investing Financing ABCD NA NA NA 25,000 25,000 25,000 NA 25,000 NA 25,000 NA NA NA NA NA NA Multiple Choice Option C Option A