Required information [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 $35,000 cash from the issue of common stock. 2. Borrowed $35,000 cash from National Bank. 3. Earned cash revenues of $53,000 for performing services. 4. Paid cash expenses of $47,500. 5. Paid a $1,500 cash dividend to the stockholders. 6. Acquired an additional $25,000 cash from the issue of common stock. 7. Paid $9,000 cash to reduce the principal balance of the bank note. 8. Paid $58,000 cash to purchase land. 9. Determined that the market value of the land is $81,000. Required a. Show the effects of the events on the financial statements using a horizontal financial statements model like the following one. In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, and NC for net change in cash. 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.) Event No. MABEN COMPANY Horizontal Financial Statements Model for Year 1 Balance Sheet Income Statement = Liabilities + Stockholders' Equity - Net Notes Common Retained Revenue - Expense = Apense Income Payable " Stock Earnings 35,000 + Statement of Cash Flows Assets Cash + Land 35,000 + 35,000 FA + + + + + + + + + + + + + + + + + + + + + + + + + b. Determine the amount of total assets that Maben would report on the December 31, Year 1, balance sheet. Total assets d-1. Determine the net income that Maben would report on the Year 1 income statement. Net income d-2. Will dividends appear in the income statement? Yes 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