Question 1: The following events apply to Moroco Company for 2018: 1- Acquired cash of $60,000 from the issue of common stock. 2- Performed $50,000 worth of service and received $22,000 cash and the remaining on account. 3- Paid $12,000 cash for one-year insurance. 4- Salaries expense of $8,000, 45% of the amount was paid as cash and the remaining percentage will be paid after two months. 5- Received $4,000 cash in advance for a service to be provided in four months. 6- Collected $5,000 of account receivable. 7- Recognized revenue for two months, for a service provided related to transaction (5). 8- Used seven months insurance, related to transaction (3). Required: a. Show the effects of the events above as dollar amount on the financial statements using a horizontal statements mode. In the cash flow column, calculate the amount and use the initials OA (Operating activities), IA (Investing activities), and FA (Financing activities). Use NA to indicate accounts not affected by the event