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nodel LO 3-1, 3-3 Hart Attorney at Law, experienced the following transactions in Year 1, the first year of operations: 1. Accepted $18,900 on April 1. Year 1. as a retainer for services to be performed evenly over the next 12 months 2. Performed legal services for cash of $68,500, 3. Purchased $1,200 of office supplies on account. 4. Paid $1,080 of the amount due on accounts payable. 5. Pald a cash dividend to the stockholders of $4.900, 6. Pald cash for operating expenses of $21,300 7. Determined that at the end of the accounting period $125 of office supplies remained on hand, 8. On December 31, Year 1. recognized the revenue that had been earned for services performed in accordance with Transaction 1 Required Show the effects of the events on the financial statements using a horizontal statements model. The first event has been recorded as an example. (In the Statement of Cash Flows column, use the initials OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for net change in cash. Do not round Intermediate calculations. Enter any decreases to account balances and cash outflows with a minus sign. Not all cells require input.) Transaction Assets HART, ATTORNEY AT LAW Effect of Transactions on the Financial Statements for Year 1 Balance Sheet Income Statement Liabinties Stockholders Revenue Equity Expense - Net Income Accounts Unearned Retained Payable Revenue Earnings 18,000 Statement of Cash Flows Supplies Cash 18,900 1 2 18.000 3 + 4 . 5 6 7 8 Totals 18.900 18.900 0 18,900