Problem 1-1 Summer Time Co experienced the following events during its first year of Operations. 1 Acquired cash by issuing common stock 2 Borrowed cash from a bank 3 Signed contract to provide services in the future 4 Purchased land with cash 5 Paid cash for Operating Expenses 6 Paid a cash dividend to stockholders 7 Determined that the market value of the land is higher than the historical cost a. Indicate whether each event is an asset source, asset use or asset exchange b. Use the horizontal statements model to show how each event affects the Balance Sheet, Income Statement and statement of Cash Flows. Indicate the direction of the impact by using I for increase, D for decrease or NA for no impact for each element of the financial statements. Also, in the cash flows column, classify the cash flows as Operating Activities (OA) Investing Activities (IA) or Financing activities. Hint : there will be a lot of NA's Statement of Cash Income Statement Balance Sheet Flows CF Type Stockholders' Equity Retained Expense Net Inc. Revenue CF Assets Liabilities Event Notes Accounts Other Fixed Accounts Common Receivable+ Inventory Other Payable No. Cash Assets Payable Stock + Earnings 1 2 3 5 8 10 Total