Check my work mode: this shows what is correct or incorrect for the work you have completed so tare it does not indicate corn.1Listed below are several transactions that took place during the first two years of operations for the law firm of Perez Associates.11.11points03:35:49\table[[,Year 1,Year 2],[Amounts billed to clients for services rendered,$ 182,000,$ 240,000],[Cash collected from clients,150,000,180,000],[Cash disbursements:,80,008,99,800],[Utilities,25,000,30,000],[Purchase of insurance policy,57,000,0]]In addition, you learn that the firm incurred utility costs of $30,000 in year 1, that there were no liabilities at the end of year 2, no anticipated bad debts on receivables, and that the insurance policy covers a three-year period.Required:& 3. Calculate the net operating cash flow for years 1 and 2 and determine the amount of receivables from clients that the firm would show in its year 1 and year 2 balance sheets prepared according to the accrual accounting model.Prepare an income statement for each year according to the accrual accounting model.Answer is complete but not entirely correct.Complete this question by entering your answers in the tabs below.Req 1 and 3Req 2Calculate the net operating cash flow for years 1 and 2 and determine the amount of receivables from clients that the firm would show in its year 1 and year 2 balance sheets prepared according to the accrual accounting model. Note: Net cash outflows should be indicated by a minus sign.\table[[,Year 1,Year 2],[1. Net operating cash flow,$(12,000),,,],[3. Receivables,$32,000,$32,000,,]]Mc