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 8. & 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. Reac Reg A and B Reg D1 Reg D2 ReqE Record the June 1 cash receipt in T-accounts and the adjustment required as of December 31, Year 1. Cash Unearned Revenue Beg Bal Beg Bal End. Bal End. Bol Service Revenue Beg Bar End. Bai Reg A and B Reg C Reg D1 Reg D2 Reg E Show the preceding transaction and related adjustment in a horizontal statements model. (Enter any decreases to account ba minus sign. In the Statement of Cash Flows column, use the initials OA to designate operating activity, FA to designate financ investing activity and NC for net change in cash. Not all cells require input.) RAYLAN COMPANY Effect of Transactions on Financial Statements Balance Sheet Income Statement Net Stockholders! Liabilities Revenue Equity Expenses Income Date Statement of Cash Flows Assets 6/1 12/31 Balance 0 0 0 0 Complete this question by entering your answers in the tabs below. Req A and B Reqc Req D1 Req D2 ReqE Determine the amount of net income on the Year 1 income statement. Revenue Expenses Net income $ $ 0 Complete this question by entering your answers in the tabs below. Req A and B Reqc Req D1 Reg D2 Reg E What is the amount of net cash flow from operating activities for Year 1? Cash flows from operating activities: Cash received from revenue Net cash flow from operating activities Complete this question by entering your answers in the tabs below. Req A and B ReqC Req D1 Reg D2 ReqE What amount of liabilities would Raylan report on the Year 1 balance sheet? Unearned revenue