Exercise 11-14A (Algo) Effect of cash dividends on financial statements LO 11-6 On May 1, Year 1, Love Corporation declared a $52,800 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. LOVE CORPORATION Horizontal Statements Model Balance Sheet Income Statement Date Assets Liabilities + Common Stock Retained Earnings Revenue Expense Statement of Cash Flow = Net Income May 11 May 15 May 31 + +