On June 1, Year 1, Hamlin, Inc. paid $12,000 for 12 months rent on its warehouse in Huntsville, Alabama. In addition, on October 1, Year 1. Hamlin paid $3,000 for a one-year insurance policy on the warehouse. Hamlin's reporting period ends on December 31st of each year. Required Show how both prepaid purchases and the associated end of period adjustments at the end of Year 1 will affect a financial statements model. (In the Statement of Cash Flows column, use OA to designate operating activity, IA for investing 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 input.) Event 1. Prepaid Rent 2 Prepaid Ins 3. Rent Adj 4. Ins. Adj Bal HAMLIN, INC. Effect of Events on Financial Statements for Year 1 Balance Sheet Income Statement Assets Liabilities Cash + Prepaid Rent Prepaid Ins Accts Pay Stockholders Equity Retained Revenue Expenses Net Income Statement of Cas Flows . Earnings . + 20 . . . B . +