Raylan received a $56,500 cash advance payment on June 1 , Year 1 , for consulting services to be performed in the future. Services vere to be provided for a one-year term beginning June 1, Year 1. Required a. \& b. Record the June 1 cash receipt in T-accounts and the adjustment required as of December 31, Year 1. c. Show the preceding transaction and related adjustment in a horizontal statements model. d1. Determine the amount of net income on the Year 1 income statement. d2. What is the amount of net cash flow from operating activities for Year 1? . What amount of liabilities would Raylan report on the Year 1 balance sheet? Complete this question by entering your answers in the tabs below. Record the June 1 cash receipt in T-accounts and the adjustment required as of December 31, Year 1 . (Do not round intermediate calculations. Round your answers to the nearest dollar amount.)