Effect of Events on the Accounting Equation (LO 1.4) cinin two Hansen Enterprises experienced the following events during Year 1: Acquired cash from the issue of common stock. Provided services to clients for cash. Paid utilities expenses with cash. Paid cash to reduce the principle on a bank note. Sold land for cash at an amount equal to its cost. Paid a cash dividend to the stockholders. Required: Explain how each of the events would affect the accounting equation by writing the letter I for increase, the letter D for decrease, and NA for does not affect under each of the components of the accounting equation. The first event is shown as an example. Event Event Assets Assets - Liabilities + common stock + Retained Earnings = + Common Stock Liabilities NA + Retained Earnings NA