On May 1, 2018, Love Corporation declared a $80,300 cash dividend to be paid on May 31 to shareholders of record on May 15. Required: Record the events occurring on May 1 and May 31 in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). If an element was not affected by the event, leave the cell blank. (Enter any decreases to account balances with a minus sign.) Balance Sheet Liabilities Common Stock LOVE CORPORATION Horizontal Statements Model Income Statement . Retained Revenue - Expense = Net Income Earnings Statement of Cash Flow Date Assets = + + May 1 May 15 May 31 IIIIII + + II + + II Mercury Corporation issued 6,000 shares of no-par common stock for $45 per share. Mercury also issued 3,000 shares of $50 par, 5 percent noncumulative preferred stock at $52 per share. Required: Record these events in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). If an element was not affected by the event, leave the cell blank. MERCURY CORPORATION Horizontal Statements Model Balance Sheet Income Statement - Expense = Net Income Assets Stockholders' Equity Revenue Statement of Cash Flow Event Cash Preferred Stock Common Stock PIC in Excess + + 1 - Issue of CS 2 - Issue of PS + + Eastport Inc. was organized on June 5, 2018. It was authorized to issue 300,000 shares of $10 par common stock and 50.000 shares of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $50 per share. The following stock transactions pertain to Eastport Inc.: 1. Issued 15,000 shares of common stock for $12 per share. 2. Issued 5,000 shares of the class A preferred stock for $51 per share. 3. Issued 60,000 shares of common stock for $15 per share. Required Prepare the stockholders' equity section of the balance sheet immediately after these transactions have been recognized. EASTPORT INC. Balance Sheet (partial) For the Year Ended 2018 Stockholders' Equity Total Paid-In Capital $ Total stockholders' equity $