Exercise 11-14A (Algo) Effect of cash dividends on financial statements LO 11-6 On May 1, Year 1, Love Corporation declared a $98,100 cash dividend to be paid on May 31 to shareholders of record on May 15. Required: Record the events occurring on May 1, May 15, and May 31 in a horizontal statements model. Note: Enter amounts to be deducted and cash outflows with a minus sign. In the Statement of Cash Flows column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). Not all cells require input. Date Assets = May 1 May 15 May 31 II II || ||| LOVE CORPORATION Horizontal Statements Model Balance Sheet Income Statement Statement of Cash Liabilities + Common Stock + Retained Earnings Revenue Expense = Net Income Flow + + II + + + + =