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O N LO 2 Cherokee Company began operations when it issued common stock for $90,500 cash. It paid $81,450 cash in advance for a one-year contract to lease delivery equipment for the business. It signed the lease agreement on March 1. Year 1 which was effective immediately. Cherokee received $104,075 of cash revenue in Year 1. Required a. & b. Record the March 1 cash payment and adjustment required as of December 31, Year 1 in general journal format. c. Show all events in a horizontal statements model. d. &e. What amount of net income will Cherokee Company report on the Year 1 income statement? What is the amount of net cash flow from operating activities for Year 1? Determine the amount of prepaid rent Cherokee Company would report on the December 31 Year 1, balance sheet. Journal entry worksheet Record rent paid in advance. Note: Enter debits before credits. Date General Journal Debit Credit March 01 Record entry Clear entry View general journal Journal entry worksheet Record the adjusting entry for prepaid rent. Note: Enter debits before credits General Journal Date December Debit Credit 31 Record entry Clear entry View general journal Req A and B Reqc > Reg A and B ReqC Reg D and E Show all events in a horizontal statements model. (Record the events as they occurred in question data. In the Statement of Cash Flows column, use OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for net change in cash. Not all cells in the "Statement of Cash Flows' column may require an input - leave cells blank if there is no corresponding input needed. Enter any decreases to account balances with a minus sign. Do not round intermediate calculations.) Show less CHEROKEE COMPANY Horizontal Statements Model for Year 1 - Liabilities + Stockholders' Equity Income Statement Common Retained Stock Earnings Revenue - Expenses - Net Income Event Cash Prepaid Statement of Cash Flows Rent 2. = adi Bal 000000-000 Reg A and B ReqC Reg D and E What amount of net income will Cherokee Company report on the Year 1 income statement? What is the amount of net cash flow from operating activities for Year 17 Determine the amount of prepaid rent Cherokee Company would report on the December 31, Year 1, balance sheet. (Do not round intermediate calculations.) d. Net income Net cash flow from operating activities e. Prepaid rent