Che 17 Problem: Module 3 Textbook Problem 17 Learning Objective: 3-14 Show how declaring and paying cash dividends affect financial statements 0.5 points On May 1, Year 3, Love Corporation declared a $58,900 cash dividend to be paid on May 31 to shareholders of record on May 15. Skipped Required Record the events occurring on May 1 and May 31 in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). If an element was not affected by the event, leave the cell blank. (Enter any decreases to account balances with a minus sign.) Hint Print LOVE CORPORATION Horizontal Statements Model Income Statement Balance Sheet Common Liabilities Stock Statement of Cash Flow Date Assets Retained Earnings + Revenue Expense Net Income May 1 May 31 H 10 + +