Problem: Module 1 Textbook Problem 7 Learning Objective: 1-7 Show how payables affect financial statements During Year 1 Chung Corporation earned $4,900 of cash revenue and accrued $2,800 of salaries expense. Required Based on this information alone: 8. Prepare the December 31, Year 1, balance sheet. b. Determine the amount of net income that Chung would report on the Year 1 income statement c. Determine the amount of net cash flow from operating activities that Chung would report on the Year 1 statement of cash flows. Complete this question by entering your answers in the tabs below. Accounting Equation Reg A Reg B and C Based on this information alone: (Not all cells require input. Enter any decreases to account balances with a minus sign) CHUNG CORPORATION Accounting Equation - Year 1 Assets Liabilities Stockholders' Equity Event Salaries Common Cash Rotained Payable Stock Earnings Eamed revenue Accrued salarios Ending balance + . Reg A CHUNG CORPORATION Balance Sheet As of December 31, Year 1 Assets Total assets Liabilities Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity