On May 1, 2018, Love Corporation declared a $87,300 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.)

On May 1, 2018, Love Corporation declared a $87,300 cash dividend to be paid on May 31 to shareholders of record on May 15. Required: 2.5 points 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 th cell blank. (Enter any decreases to account balances with a minus sign.) eBook Hint LOVE CORPORATION Horizontal Statements Model Print Income Statement References Balance Sheet Common Liabilities + Stock Statement of Cash Flow Date Assets Retained Earnings = Revenue - Expense = Net Income May 1 May 15 May 31 + + + +