Required information Problem 2-20A (Algo) Showing how events affect the horizontal financial statements model LO 2-1 (The following information applies to the questions displayed below.) Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. Acquired $29,000 cash from the issue of common stock. 2. Borrowed $41,000 cash from National Bank. 3. Earned cash revenues of $57,000 for performing services. 4. Paid cash expenses of $49,500. 5. Paid a $1,900 cash dividend to the stockholders. 6. Acquired an additional $29,000 cash from the issue of common stock. 7. Paid $10,000 cash to reduce the principal balance of the bank note. 8. Paid $52,000 cash to purchase land. 9. Determined that the market value of the land is $73,000. Problem 2-20A (Algo) Part a Required a. Use a horizontal financial statements model to show how each event affects the balance sheet, income statement, and statement of cash flows. In the Cash Flow column, use OA to designate operating activity, IA for investment activity, and FA for financing activity. The first event is recorded as an example. (Enter any decreases to account balances with a minus sign. Not all cells in the "Statement of Cash Flows" column may require an input - leave cells blank if there is no corresponding input needed.) MABEN COMPANY Horizontal Financial Statements Model for Year 1 Balance Sheet Income Statement Assets Event No. = Liabilities + Statement of Cash Flows Expense Cash Net Income + Notes Payable Land Stockholders' Equity Common Retained Revenue Stock Earnings 29,000 + + + 1. 29,000+ = + 11 29,000 FA 2. + 3. 4. + + + + 5. + + + + + + + 6. + + + + + + + + + + + 7. 8. + 9. | + | + + Total 29,000 + 0= 0+ 29,000 + 0 0 0 = 0 29,000 d-1. Determine the net income that Maben would report on the Year 1 income statement. Net income e. Determine the net cash flows from operating activities, investing activities, and financing activities that Maben would report on the Year 1 statement of cash flows. (Enter cash outflows as negative amounts.) Net cash flows from operating activities Net cash flows from investing activities Net cash flows from financing activities f. Determine the percentage of assets that were provided by investors, creditors, and earnings. (Round your answers to 2 decimal places.) Assets Investors % Creditors % Eamings %