! Required information [The following information applies to the questions displayed below.] On August 1, 2019, Colombo Co's treasurer signed a note promising to pay $2,400,000 on December 31, 2019. The proceeds of the note were $2,340,000. c-1. Use the horizontal model to show the effects of signing the note and the receipt of the cash proceeds on August 1, 2019. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Assets Cash Balance Sheet Liabilities Stockholders' Equity 2,340,000 + Net Income