rences Gifford Company experienced the following accounting events during Year 2 1. Recognized $38,000 of cash revenue. 2. On April 1, paid $12,000 cash for an insurance policy that provides coverage for one year beginning immediately. 3. Collected $2,000 cash from accounts receivable. 4. Paid cash operating expenses of $21,000 5. Paid a $5,000 cash dividend to stockholders, 6. On December 31, Year 2. adjusted the books to recognize the remaining revenue earned by providing services related to the advance described in Event 3 of Year 1 7. On December 31, Year 2, Gifford adjusted the books to recognize the amount of the insurance policy used during Year 2 Required a. Record the events in a financial statements model. The first event is recorded as an example. b. What amount of revenue would Gifford report on the Year 1 income statement? e. What amount of cash flow from customers would Gifford report on the Year 1 statement of cash flows? d. What amount of unearned revenue would Gifford report on the Year 1 and Year 2 year-end balance sheets? e. What are the Year 2 opening balances for the revenue and expense accounts? What amount of total assets would Gifford report on the December 31, Year 1, balance sheet? Complete this question by entering your answers in the tabs below. Req A Year 1 Req A Year 2 Reg to f Record the events in a financial statements model for year 1. The first event is recorded as an example. (In the Cash Flow column, use the initials OA to designate operating activity, IA for 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 GIFFORD COMPANY Horizontal Financial Statements For Year 1 Balance Sheet Income Statement Event No Cash Ass Accounts Receivable Stockholders' Equity Statement of Cash Flows Prepaid Misurance Unearned Revenue Stock Retained Canings Reven Net focome Year 1 20.000. 20,000 20.000 FA 2 . 3 4 $ " 7 Bal " Req A Year 2 >