Problem: Module 1 Textbook Problem 7 Learning Objective: 1-7 Show how payables affect financial statements During Year 1, Chung Corporation earned $5,400 of cash revenue and accrued $4,300 of salaries expense. Required Based on this information alone: a. Prepare the December 31 , Year 1 , balance sheet. b. Determine the amount of net income that Chung would report on the Year 1 income statement. c. Determine the amount of net cash flow from operating activities that Chung would report on the Year 1 statement of cash flows. Complete this question by entering your answers in the tabs below. Determine the amount of net income that Chung would report on the Year 1 income statement. Determine the amount of net cash flow from operating activities that Chung would report on the Year 1 statement of cash flows