Marquis Smith started IT Consulting Services Incorporated on January 1, Year 1. The company experienced the following events during its first year of operation: 1. On June 1, Year 1, the company borrowed $20,000 cash from the bank. The note had a one-year term and 6% annual interest rate. 2. On December 31 , Year 1, the company adjusted the accounting records to recognize accrued interest expense on the bank note. Required: Use a horizontal financial statements model to show how each event affects the balance sheot, 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 activity, IA for investment activity, FA for financing activity, and NC for net change in cash. Enter any decreases to account balances and cash outflows with a minus sign. Not all cells require an input - leave cells blank if there is no corresponding input needed