Raylan recieved a $51,500 cash advance payment on June 1, Year 1, for consulting services to be performed in the future. Services were to be provided for a one-year term beginning June 1, Year 1  1. Record the June 1 cash reciept in T-accounts and the adjustment required as of December 31, Year 1. 2. Show the preceding transaction and related adjustment in a horizontal statements model  3. Determine the amount of net income on the year 1 income statement

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