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Gifford Company experienced the following accounting events during Year 1: 1. Started operations on January 1 when it acquired $20,000 cash by issuing common stock. 2. Earned $18,000 of revenue on account 3. On March 1 collected $36,000 cash as an advance for services to be performed in the future 4. Pald cash operating expenses of $17.000. 5. Paid a $2,700 cash dividend to stockholders 6. On December 31, Year 1, adjusted the books to recognize the revenue earned by providing services related to the advance described in Event 3. The contract required Gifford to provide services for a one-year period starting March 1 7. Collected $15,000 cash from accounts receivable, Gifford Company experienced the following accounting events during Year 2: 1. Recognized $38,000 of cash revenue. 2. On April 1. paid $12.000 cash for an insurance policy that provides coverage for one year beginning immediately 3. Collected $2.000 cash from accounts receivable. 4. Paid cash operating expenses of $21000. 5. Paid a $5,000 cash dividend to stockholders. 6. On December 31, Year 2, adjusted the books to recognize the remaining revenue earned by providing services related to the advance described in Event 3 of Year 1. 7. On December 31 Year 2. d adjusted the books to recognize the amount of the insurance policy used during Year 2. Required a. Record the events in a financial statements model. The first event is recorded as an example. b. What amount of revenue would Gifford report on the Year 1 income statement? c. Who amount cash flow from customers would Gifford report on the Year 1 statement of cash flows? d. What mount nearned revenue would Gifford report on the Year 1 and Year 2 year-end balance sheets? e. We are the Year 2 opening balances for the revenue and expense accounts? f. What amour of total assets would Gifford report on the December 31, Year 1, balance sheet? Recond the With This event is recorded as an example, in the Cash Flow column, use the initial OA to designate operate hoe with a minus sign. Not all cells require input. If there is no effect on the Account Titles for Statement of GIFFORD COMPANY Morontal Financial Statements For Year 1 Benet Income Statement Statement of Prepaid Insurance Stockholders' Equity Common Ratinad Stock Earnings Uneomed hu Revenge Expense Rec - Net Income 1 20.000 - 20.000 20,000 FA + + - . 3. 4 5 + + . + + . 7. Ba + Req A Year 2) srde reput. If there is no effect on the Account GIFFORD COMPANY Hora Financial Statements For Year 2 Income Statement of Cash deas - Uneared Scher Equity Con Hained Reven . net Prepaid 1 2 3 . 5 7. Rego) Ra A Years b. What amount of revenue would Gifford report on the Year 1 income statement? c. What amount of cash flow from customers would Gifford report on the Year 1 statement of cash flows? d. What amount of unearned revenue would Gifford report on the Year 1 and Year 2 year-end balance sheets? e. What are the Year 2 opening balances for the revenue and expense accounts? f. What amount of total assets would Gifford report on the December 31, Year 1, balance sheet? ces b. Revenue C. d. Uneamed revenue for Year 1 Unoamned revenue for Year 2 0. Revenue account, opening balance Expense account, opening balance 1 Total assets