Milo Clothing experienced the following events during 2018, its first year of operation: 1. Acquired $17.000 cash from the issue of common stock. 2. Purchased inventory for $5,600 cash. 3. Sold inventory costing $3,360 for $5,712 cash. 4. Paid $600 for advertising expense. points 8 CLASS Required Record the events in a horizontal statement model in the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, or NC for net change in cash. If the element is not affected by the event, leave the cell blank. (Not every cell will require entry. Enter any decreases to account balances and cash outflows with a minus sign.) MILO CLOTHING Effect of Events on the Financial Statements Stockholders' Equity Assots = Net Income Statement of Cash Flows Common Rovende pe Cash + Inventory Retained Earnings 0-000