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blem for Points (Option 3 Only) 6 Saved Help S: Required information Problem 1-34A Show how events affect the horizontal statements model LO 1-2, 1-3,1-4,1-5, 1-6, 1-7, 1-8 The following information applies to the questions displayed below. Maben Company was started on January 1, Year 1, and experienced the Sllowing events during its first year of operation: 1. Acquired $34,000 cash from the issue of common stock. 2. Borrowed $36,000 cash from National Bank. 3. Earned cash revenues of $52,000 for performing services. 4. Paid cash expenses of $47,000. 5. Paid a $1,400 cash dividend to the stockholders. 6. Acquired an additional $24,000 cash from the issue of common stock. 7. Paid $9,000 cash to reduce the principal balance of the bank note. 8. Pald $57,000 cash to purchase land. 9. Determined that the market value of the land is $80,000 Problem 1-34A Part a Required a. Use a horizontal statements model to show how each event affects the balance sheet income statement, and statement of cash flows. Also, in the Cash Flows column, classify the cash flows as operating activities (OA). Investing activities (IA), or financing activitie (FA), net change in cash (NC) and NA to indicate the element is not affected by the event. The first event is shown as an example. (Enter any decreases to account balances and cash outflows with a minus sign.) oblem for Points (Option 3 Only) 6 Saved Help Save EEUUIGI TOTOILU Required information a. Use a horizontal statements model to show how each event affects the balance sheet, Income statement, and statement of cash flows. Also, in the Cash Flows column, classify the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA), net change in cash (NC) and NA to indicate the element is not affected by the event. The first event is shown as an example. (Enter any decreases to account balances and cash outflows with a minus sign.) MABEN COMPANY Horizontal Statements Model for Year 1 Balance Sheet Income Statement = Liabilities + Stockholders' Equity Net Notes Common Retained Revenue Expense - Income Payable Stock Earnings 34,000+ Statement of Cash Flow Assets Event No. Cash + Land + 34.000 FA 1. 34,000+ 2. 3 + 4. 5. 6 ++ 7 ### 8 ++ 0 34,000 9. 0 0 01 0+ 34,000 Total 34,000 + Next Prey 1 of 1 !!! . etv