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 following Indicates the effects of this event on the Year 1 Inco statement and statement of cash flows of Mayer Corporation? Option ABCD Net Income NA Cash Flows Operating Investing Financing NA 25,000 NA NA 25,000 25,000 8 NA 25,000 25,000 NA NA NA NA NA NA Multiple Choice Option C Option A Option D Option B