Raylan received a $59,000 cash advance payment on June 1, Year 1, for consulting services to be performed in the future. Services were 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. d. Determine the amount of net income on the Year 1 income statement. What is the amount of net cash flow from operating activities for Year 1? e. What amount of liabilities would Raylan report on the Year 1 balance sheet? Complete this question by entering your answers in the tabs below. Req A and B Req C Req D Req E Record the June 1 cash receipt in T-accounts and the adjustment required as of December 31, Year 1. Note: Do not round intermediate calculations. Round your answers to the nearest dollar amount. Cash Debit Beginning Balance 6/1 59,000 Ending Balance 59,000 Beginning Balance Credit Service Revenue Debit Credit 34 708 12/31 Unearned Revenue Debit Credit Beginning Balance 12/31 34,708 59,500 6/1 Ending Balance 24,792