Review the following two transactions and analyze their effect, if any, on Murphy Company's net income and net cash flows Required 1. Indicate the effect (increase, decrease, or no effect) that each transaction has on net income and net cash flow 2. Indicate the amount of the effect, ignoring taxes Transaction Net Income Effect Net Cash Flow Effect O Increase O Decrease O No Effect lscrease Decrease No Effect 0 Increase 1. Murphy Company purchased a one- last day of the year ear iminsrance policy fo $4,00 on teDecrase O No Effect 2 Marphy Company purchased small tools and supplies for S6700, pepng mpuschated tenall | Increase Decrease s0 4,300 in caih, and owing the balance on their charge account 0 No Effect Clear Undo