Riley Company borrowed $44,000 on April 1, Year 1 from Titan Bank. The note issued by Riley carried a one-year term and a 4% annual interest rate. Riley earned cash revenues of $1,100 during Year 1 and $950 during Year 2. Assume no other transactions.

Based on this information alone, what is the amount of net income (loss) that will be reported on the Year 2 income statement?

Based on this information alone, what amount of cash flow from operating activities would appear on the Year 2 statement of cash flows?

Based on this information alone, what are the amounts of total liabilities that would appear on Riley's December 31 balance sheets for Year 1 and Year 2, respectively?