Extra Credit Acct 204-104 Fall 2017 In 2016, founder and CEO Samantha Phillip commenced business as Samil, Inc. The first employee she hired was Brittany Smith, CPA to head her accounting department. In order to prepare the companys Financial Statements, Ms. Smith has asked you to assist her with the following transactions. 1) Sami Inc. was started when it acquired $10,000 cash by issuing common stock 2) The company borrowed $20,000 from The First Bank of Montclair 3) Sami, Inc. provided services to its only customer, Bavazzano International and received $28,000. 4) The company paid operating expenses of $7,400 5) Sami, Inc. paid $8,000 down on their loan. 6) The company paid S5,000 rent to Cecere Really 7) Bought $7,500 of Rocio Ltd., an up and coming coffee house chain, as an investment. 8) Paid cash for $3,000 in dividends to its stockholders 9) According to the company's investment broker, the Rocio Ltd. securities were worth $9.000 as of December 31, 2016 Required: statements model, reflecting their effect on the different financial statemen a) Record the above transactions on a horizontal b) Prepare Sami Inc.'s income statement, balance sheot and statement of cash flows for the year ended December 31, 2016