Cowboy Ice Cream reported the following events during Year 1 of operation 1. Acquired $16,000 cash from the issue of common stock 2 Purchased inventory for $5,300 cash, 3. Sold inventory costing $3.180 for $5,406 cash 4. Pald 5850 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, 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.) COWBOY ICE CREAM COMPANY 4. Paid $85 Required Record me events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity, IA for investmer activity, 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.) COWBOY ICE CREAM COMPANY Effect of Events on the Financial Statements Stockholders' Equity Common Retained Revenue Expenses Stock Earnings Assets Net Income Statement of Cash Flows Event Cash + Inventory + 1 2 31 35 111111 4 Total 1