Raylan received a $60,000 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. 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 ? 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. Record the June 1 cash receipt in T-accounts and the adjustment required as of December 31, Year 1. Complete this question by entering your answers in the tabs below. Show the preceding transaction and related adjustment in a horizontal statements model. (Enter any decreases to account balances and cash outfiows with a minus sign. In the Statement of Cash Flows column, use the initials OA to designate operating activity, FA to designate finance activity, IA to designate investing activity and NC for net change in cash. Not all cells require input.) Complete this question by entering your answers in the tabs below. Determine the amount of net income on the Year 1 income statement. Complete this question by entering your answers in the tabs below. What is the amount of net cash flow from operating activities for Year 1 ? Complete this question by entering your answers in the tabs below. What amount of liabilities would Raylan report on the Year 1 balance sheet