Troy Company earned $15,000 of cash revenue. Troy incurred $12,000 of utility expense on account during Year 1. The company made cash payments of $8,000 to reduce its accounts payable during Year 1. Required Show the effects of the events on the financial statements using a horizontal financial statements model like the following one. In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, and NC for net change in cash. The first event is recorded as an example. Identify the following amounts: a. The balance of the accounts payable that would be reported on the December 31, Year 1, balance sheet. b. The amount of expenses that would be reported on the Year 1 income statement. c. The amount of net cash flow from operating activities that would be reported on the Year 1 statement of cash flows. d. The amount of retained earnings that would be reported on the Year 1 balance sheet. During Year 1, Chung Corporation earned $4,800 of cash revenue and accrued $2,500 of salaries expense. Required Based on this information alone: (Hint: Record the events in 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 + Cash Salaries Payable Event Stockholders' Equity Common Retained Stock Earnings . Earned revenue Accrued salaries Ending balance + +