The following information is drawn from the accounting records of Kristy Company Year 1 Year 2 Revenue recognized on account Cash collections from customers Expenses incurred on account Cash payments to reduce accounts payable $50,000 40,000 30,000 25,000 $40,000 50,000 25,000 30,000 Required .Prepare a Year 1 Income statement and determine the balance in the accounts recelvable account as of December 31, Year 1. . Prepare a Year 2 Income statement and determine the balance in the accounts recelvable account as of December 31, Year 2. Prepare the Year 1 operating activities section of the statement of cash flows and determine the balance In the accounts payable account as of December 31, Year 1 Prepare the Year 2 operating activities section of the statement of cash flows and determine the balance in the accounts payable account as of December 31, Year 2 Complete this question by entering your answers in the tabs below Sec 1 and 2 Sec 3 and 4 Section 3 Groups Prepare the Year 1 operating activities section of the statement of cash flows and determine the balance in the accounts payable account as of December 31, Year 1 Section 4 Groups Prepare the Year 2 operating activities section of the statement of cash flows and determine the balance in the accounts payable account as of December 31, Year 2 Amounts to be deducted and losses/outflows should be indicated with a minus sign Show lessA Operating Activities Section of Statement of Cash Flows Year 1 Year 2 Net cash flow from operating activities Accounts Payable Year 1 ear Beginning accounts payable balance Yields: Ending accounts payable balance Sec 1 and 2 Sec 3 and 4