This question deals with the items and the amounts that two entities, Valley Services Inc. (Valley) and City of Milton (Milton), should report in their financial statements. 1. On March 31, 2020, Valley collected $16,000 in advance from Milton, a client. Under the contract, Valley is obligated to provide consulting services for Milton evenly during the year ended March 31, 2021. Assume you are Valley. Valley's income statement for the year ended December 31, 2020, will report of $ 2. Assume that you are Milton. Milton's income statement for the year ended December 31, 2020, will report of $ 1. Determine what Valley will report on its income statement. of $ Valley's balance sheet at December 31, 2020, will report of $ Milton's balance sheet at December 31, 2020, will report, I

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