Milo Clothing experienced the following events during 2018, its first year of operation: 1. Acquired $11,500 cash from the issue of common 2. Purchased inventory for $5,700 cash. 3. Sold inventory costing $3.420 for $5,814 cash. 4. Paid $800 for advertising expense. 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 Common Retained Revenue - Expenses = Stock Earnings Net Event Statement of Cash Flows Cash + Inventory Income + + + TI + III + 0+ 0 0 - 0 = Total