X Company is a service company and prepares monthly financial statements. In March, it billed customers $401,000 for services it provided; in April, it billed customers $370,000 for services it provided.

In April, the company received $286,000 from its March customers and $256,000 from its April customers.

Which of the following amounts will appear on X Company's April Income Statement and Statement of Cash Flows? Income Statement, $370,000; Statement of Cash Flows, $542,000 both statements, $370,000 both statements, $256,000 Income Statement, $771,000; Statement of Cash Flows, $542,000 Income Statement, $542,000; Statement of Cash Flows, $370,000 Income Statement, $542,000; Statement of Cash Flows, $771,000