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During Year 2, Rustic Camp Sites experienced the following transactions: 1. RCS acquired $46,000 cash by issuing common stock. 2. RCS received $130,000 cash for providing services to customers (leasing campsites). 3. RCS paid $27,000 cash for salarles expense. 4. RCS paid a $10,400 cash dividend to the owners. 5. RCS sold land that had cost $114,000 for $114,000 cash. 6. RCS paid $61,000 cash for other operating expenses. Required a. Record the transaction data In a horizontal financial statements model. In the Cash Flow column, classify the cash flows as operating activities (OA), Investing activities (IA), or financing activities (FA). The beginning balances have been recorded as an example. Note that the revenue and expense accounts have a zero beginning balance. Amounts In these accounts apply only to a single accounting period. Revenue and expense account balances are not carried forward from one accounting perlod to the next. c. What amount of net Income will RCS report on the Year 2 Income statement? d. What amount of total assets will RCS report on the December 31, Year 2, balance sheet? e. What amount of retained earnings will RCS report on the December 31, Year 2, balance sheet? f. What amount of net cash flow from operating activities will RCS report on the Year 2 statement of cash flows?a. Record the transaction data in a horizontal financial statements model. In the Cash Flow column, classify the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA). The beginning balances have been recorded as an example. Note that the revenue and expense accounts have a zero beginning balance. Amounts in these accounts apply only to a single accounting period. Revenue and expense account balances are not carried forward from one accounting period to the next. (Select "NC" for Net change in cash. Enter any decreases to account balances with a minus sign. Not all cells require input. If there is no effect on the Account Titles for Statement of Cash Flows, leave the cell blank.) Show less A RUSTIC CAMP SITES Horizontal Financial Statements Balance Sheet Income Statement Event No. Assets Liabilities Stockholders' Equity Statement of Cash Flows Cash Land Notes Common Retained Payable Stock Earnings Revenue Expense = Net Income Beg. bal. 65,000 654,000 540,000 + 134,000 + 45,000 1. 2. 3. 4. 6 TotalsComplete this question by entering your answers in the tabs below. Reg A Reg C to F c. What amount of net income will RCS report on the Year 2 income statement? d. What amount of total assets will RCS report on the December 31, Year 2, balance sheet? e. What amount of retained earnings will RCS report on the December 31, Year 2, balance sheet? f. What amount of net cash flow from operating activities will RCS report on the Year 2 statement of cash flows? Show less A C. Net income Total assets e Retained earnings