Magoo Kaboo makes unique children's toys that have created an absolute frenzy during the holiday shopping season. The company does make a few sales on account but is mostly a cash business. Consequently, it uses the direct witte-off method to account for uncollecible accounts. During Year 1, the company experienced the following events: 1. Magoo Kaboo earned $18,000 of cash revenue and $6,000 of revenue on account. 2 Cash operating expenses were $7,000. 3. After numerous attempts to collect a $80 account recelvable from a customer, the account was determined to be uncollectible in Year 1. Required: Use a horizontal financlal statements model to show how each event affects the balance sheet, income statement, and statement of cash flows. More specifically, record the amounts of the events into the model. Note: In the Cash Flow column, use OA to designate operating actlvity, IA for Investment actlvilty, FA for financlng actlvity, and NC for net change in cash. Enter any decreases to account balances and cesh outfiows with a minus sign. Not all cells require an Input - leave cells blank if there is no corresponding input needed