Cathy Company operates a cleaning service. The grid below is a list of possible effects on the Income Statement and the Balance Sheet. The code is: += increase; --= decrease; NE = no effect. Revenue/Expense/ Net Income Assets Liabilities Equity Gain Loss 1. +400,000 NE +400,000 +400,000 NE +400,000 11. NE NE NE +500,000 NE +500,000 NE NE NE -100,000 -100,000 NE IV. NE NE NE NE NE NE V. NE NE NE +400,000 NE +400,000 Match the effect that the event below would have on Cathy Company's Income Statement and Balance Sheet. Choose (1), (II), (III), (IV), or (V) from the grid. For example, if the transaction were "Paid $100,000 due on accounts payable," the correct answer would be (III) because there is no effect on revenue, expense, and net income; a $100,000 decrease in assets and liabilities; and no effect on equity. Event: The Company had their land appraised. The land that originally cost $100,000 was appraised to have a current market value of $500,000. CON OV