X Company is a service company and prepares monthly financial statements. In April, it billed customers $418,000 for services it provided; in May, it billed customers $353,000 for services it provided.

In May, the company received $282,000 from its April customers and $241,000 from its May customers.

Which of the following amounts will appear on X Company's May Income Statement and Statement of Cash Flows? both statements, $353,000 Income Statement, $353,000; Statement of Cash Flows, $523,000 Income Statement, $523,000; Statement of Cash Flows, $771,000 both statements, $241,000 Income Statement, $771,000; Statement of Cash Flows, $523,000 Income Statement, $523,000; Statement of Cash Flows, $353,000