Coway Ice Cream reported the following events during Year 1 of operation: 1. Accused $10.000 cash from the issue of common stock. 2 Purchased inventory for $6100 cash 1. Sold inventory costing 53 660 for 56 222 cash, 4. Peid 5900 for advertsing expense Required Record the events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity, IA for investment ty Factor financing activity, or NC for net change in cash. If the element is not affected by the event, leave the cell blank. (Not every tel will require entry. Enter any decreases to account balances and cash outflows with a minus sign.) COWBOY ICE CREAM COMPANY Elect of Events on the Evid sats Required Record the events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity, IA for investment in FA for financing activity, or NC for net change in cash. If the element is not affected by the event, leave the cell blank. (Not every cell will require entry. Enter any decreases to account balances and cash outflows with a minus sign.) Event Assets Cass COWBOY ICE CREAM COMPANY Effect of Events on the Financial Statements Stockholders' Equity Common Retained Revenue Expenses Stock Earnings 10.000 Investory 1 2 30 10.000 161004 Net Income 6.100 3.650 Statement of Cash Flows 6222 To 922 - 2.400 10.000 FI