During Year 1, Chung Corporation earned $8,000 of cash revenue and accrued $5,000 of salaries expense. Required Based on this information alone: (Hint Record the events in general ledger accounts under an accounting equation before satisfying the requirements) (Enter any decreases to account balances with a minus sign.) CHUNG CORPORATION Accounting Equation - Year 1 Assets Liabilities Stockholders' Equity Salaries Common Retained Payable Stock Earnings Event Cash Eamed revenue Accrued salaries Ending balance a. Prepare the December 31, Year 1, balance sheet. | CHUNG CORPORATION Balance Sheet As of December 31, Year 1 Total assets Liabilities Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity b. Determine the amount of net income that Chung would report on the Year 1 income statement. Net income c. Determine the amount of net cash flow from operating activities that Chung would report on the Year 1 statement of cash flows. Net cash flow from operating activities