Solito Inc was started on January 1 2012 The company

Solito, Inc., was started on January 1, 2012. The company experienced the following events
during its first year of operation.1. Acquired $50,000 cash from the issue of common stock.2.
Paid $12,000 cash to purchase land.3. Received $50,000 cash for providing tax services to
customers.4. Paid $9,500 cash for salary expense.5. Acquired $5,000 cash from the issue of
additional common stock.6. Borrowed $10,000 cash from the bank.7. Purchased additional land
for $10,000 cash.8. Paid $8,000 cash for other operating expenses.9. Paid a $2,800 cash
dividend to the stockholders.10. Determined that the market value of the land is
$25,000.Requireda. Record these events in a horizontal statements model. Also, in the Cash
Flows column, classify the cash flows as operating activities (OA), investing activities (IA), or
financing activities (FA). The first event is shown as an example.b. What is the net income
earned in 2012?c. What is the amount of total assets at the end of 2012?d. What is the net cash
flow from operating activities for 2012?e. What is the net cash flow from investing activities for
2012?f. What is the net cash flow from financing activities for 2012?g. What is the cash balance
at the end of 2012?h. As of the end of the year 2012, what percentage of total assets were
provided by creditors, investors, and retained earnings?i. What is the balance in the Retained
Earnings account immediately after Event 4 isrecorded?
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Solito Inc was started on January 1 2012 The company
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