1. Acquired $14,500 cash from the issue of common stock. 2. Purchased inventory for $6,300 cash. 3. Sold inventory costing $3,780 for $6,426 cash. 4. Paid $950 for advertising expense. Required Record the events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, and NC for net change in cash. (Enter any decreases to account balances and cash outflows with a minus sign. Not all cells in the "Statement of Cash Flows" column may require an input - leave cells blank if there is no corresponding input needed.) MILO CLOTHING Effect of Events on the Financial Statements Stockholders' Equity Common Retained Revenue - Expenses = Stock Earnings Assets = + Inventory = Event Net Income Statement of Cash Flows Cash + + + + + Total +