Rainey Enterprises loaned $45,000 to Small Company on June 1, Year 1, for one year at 8 percent interest Required: Show the effects of the following transactions in a horizontal statements model Note: Enter any decreases to account balances and cash outflows with a minus sign. For changes on the Statement of Cash Flows, indicate whether the item is en operating activity (OA), investing activity (IA), or financing activity (FA). Not all cells require input. Do not round intermediate calculations. Round your final answers to the nearest whole dollar. (1) The loan to Small Company (2) The adjustment at December 31, Year 1 (3) The adjustment and collection of the note on June 1, Year 2 16/1/Year 1 2 12/31/Year 1 Check my work RAINEY ENTERPRISES Horizontal Statements Model Balance Sheet Assets Date Stockholders Equity Income Statement Statement of Cash Liabilities Cash Notes Receivable Interest Receivable Retained Revenue Earnings Expense Net Income 3 6/1/Year 2 Adjustment 3. 61/Year 2 Note Collection