Recording transactions properly (14 pts) Instructions: a. Use a horizontal financial statements model to show how each event affects the balance sheet, income statement, and statement of cash flows. Also in the Statement of Cash Flows column, classify the cash flows as Operating Activities, (OA), Investing Activities (IA), or Financing Activities (FA). b. What is the total amount of Assets on December 31, Year 1? c. Identify the Asset Source Transaction and related amounts for Year 1. d. Determine the net income that Simone would report on Year 1 Income| Statement; explain WHY dividends do not appear on the income statement. e. Determine the net cash flows that Simone would report on Year 1 Statement of Cash Flows: i. Operating Activities +2 ii. Investing Activities = ? iii. Financing Activities = ? f. What is the balance in the retained carnings account after Event 3 is recorded? Events: 1) Acquired $45,000 cash in exchange for common stock. 2) Borrowed $10,000 cash from Nissan Federal Credit Union 3) Earned revenue of $70,500 for services provided 4) Paid cash for various expenses totaling $24,000 5) Cash| dividend was paid to stockholders, $3,000 6) Acquired additional cash in exchange for common stock, $16,000 7) Paid $18,500 to reduce the amount borrowed from Nissan 8) Purchased land, $80,,000 cash 9) Market value of the land was determined to be $32,000