[The following information applies to the questions displayed below.) On August 1, 2019, Colombo Co.'s treasurer signed a note promising to pay $120,000 on December 31, 2019. The proceeds of the note were $116,400. Exercise 7-6 (Algo) Part c - Horizontal model 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.) Answer is not complete. Balance Sheet Liabilities Assets = Stockholders' Equity Net Income = Cash 116,400 Notes payable 120,000 = = Answer is not complete. Income Statement Net Income Revenues Expenses II - = c-2. Use the horizontal model to show the effects of recording interest expense for the month of September. Indicate the financial statement effect. (Use rounded discount rate calculated in part a. Enter decreases with a minus sign to indicate a negative financial statement effect.) Incom Balance Sheet Liabilities Assets Stockholders' Equity Net Income = Revenues Income Statement Revenues - Expenses - C-3. Use the horizontal model to show the effects of repaying the note on December 31, 2019. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) a Income Statement Balance Sheet Liabilities Assets = + Stockholders' Equity Net Income Revenues ncome Statement es - Expenses