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Cherokee Company began operations when it issued common stock for $83,500 cash. lt paid $75,150 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 $96,025 of cash revenue in Year 1. Required 3. & b. Record the March 1 cash payment and adjustment required as of December 31, Year1 in generaljournal format. c. Show all events in a horizontal statements model. d. 8: 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. Complete this question by entering your answers in the tabs below. Req A and B Req C Req D and E Record the March 1 cash payment and adjustment required as of December 31, Year 1 in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) Journal entry worksheet 2 Record rent paid in advance. Note: Enter debits before credits. Date General Journal Debit Credit March 01 Record entry Clear entry View general journalJournal entry worksheet Record the adjusting entry for prepaid rent. Note: Enter debits before credits. December 31