This question deals with the items and the amounts that two entities, Valley Services Inc. (Valley) and City of Milton (Milton), should report in their financial statements. 1. On March 31, 2020, Valley collected $16,000 in advance from Milton, a client. Under the contract, Valley is obligated to provide consulting services for Milton evenly during the year ended March 31, 2021. Assume you are Valley. Valley's balance sheet at December 31, 2020, will report of $ of $ Valley's income statement for the year ended December 31, 2020, will report of $ 2. Assume that you are Milton. Milton's income statement for the year ended December 31, 2020, will report. of $ Milton's balance sheet at December 31, 2020, will report 1. Determine what Valley will report on its income statement. Account Amount Now determine what Valley will report on its balance sheet. Account Amount 2. Determine what Milton will report on its income statement. Account Amount Finally, determine what Milton will report on its balance sheet. Account Amount