The Candle Shop experienced the following events during its first year of operations, Year 1: 1. Acquired cash by Issuing common stock. 2. Paid a cash dividend to the stockholders 3. Paid cash for operating expenses. 4. Borrowed cash from a bank 5. Provided services and collected cash. 6. Purchased land with cash 7. Determined that the market value of the land is higher than the historical cost. Required . Use a horizontal statements model to show how each event affects the balance sheet, Income statement, and statement of cash flows. Indicate whether the event increases (1) or decreases (D)each element of the financial statements. Also in the Statement of Cash Flows column, classify the cash flows as operating activities (OA), investing activities (IA) or financing activities (FA). Columns for events that have no effect on any of the elements should be left blank. The first transaction is shown as an example. (Note: Not all cells will require an input.) Event NO THE CANDLE SHOP Horizontal Financial Statements Model for Yeart Balance Sheet Income Statement = Liabilities Stockholders' Equity Notes Net Common Retained Revenue Expense Payable Stock Earnings Income Assets Statement of Cash Flows Cash Land Effect on Cash Type of Activity 1 1 2 FA 3 + 5