cherokee company began operations when it issued common stock for 80000 cash it paid 60000 cash in advance for a one year contract to lease delivery

d. What amount of net income will Cherokee Company report on the 2016 income statement?
What is the amount of net cash flow from operating activities for 2016?
e. Determine the amount of prepaid rent Cherokee Company would report on the December 31, 2016, balance sheet.