At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Account Cash Accounts receivable Accounts payable Common stock Retained earnings Balance $ 33,500 22,000 10,100 34,500 10,900 The following events apply to Oak Consulting for Year 2: 1. Provided $66,800 of services on account. 2. Incurred $3,000 of operating expenses on account. 3. Collected $49,000 of accounts recevable. 4. Pald $39,100 cash for salaries expense. 5. Paid $11,790 cash as a partial payment on accounts payable. 6. Paid a $9,700 cash dividend to the stockholders. c. Show the effect of above adjustment in a horizontal statements model (Enter any decreases to account balances and cash outflows with a minus sign. In the Statement of Cash Flows column, use the initials OA to designate operating activity. IA for Investing activity, FA for financing activity, and NC for net change in cash. Not all cells in the "Statement of Cash Flows" column may require an input - leave cells blank If there is no corresponding input needed.) GAK CONSULTING Effect of Transactions on the Financial Statements for Year 2 Balance Sheet Income Statement Liabilities + Stockholders Equity Revenue Expenses Accounts Common Retained + Payable Stock Earnings Net Income Statement of Cash Flows Assets Accounts Receivable No Cash Bal 11 2 3 14 5 6 Bal