X Company is a service company and prepares monthly financial statements. In April, it billed customers $410,000 for services it provided; in May, it billed customers $358,000 for services it provided.

In May, the company received $282,000 from its April customers and $277,000 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, $358,000 Income Statement, $559,000; Statement of Cash Flows, $358,000 both statements, $277,000 Income Statement, $358,000; Statement of Cash Flows, $559,000 Income Statement, $559,000; Statement of Cash Flows, $768,000 Income Statement, $768,000; Statement of Cash Flows, $559,000