Exercise 1-6 (Static) Financial statement elements [LO1-7] For each of the items listed below, identify the appropriate financial statement element. Item 1. Obligation to transfer cash or other resources as a result of a past transaction. 2. Dividends paid by a corporation to its shareholders. 3. Inflow of an asset from providing a good or service. 4. The financial position of a company. 5. Increase in equity during a period from nonowner transactions. 6. Increase in equity from peripheral or incidental transaction. 7. Sale of an asset used in the operations of a business for less than the asset's book value. 8. The owners' residual interest in the assets of a company. 9. An item owned by the company representing probable future benefits. 10. Revenues plus gains less expenses and losses. 11. An owner's contribution of cash to a corporation in exchange for ownership shares of stock 12. Outflow of an asset related to the production of revenue. Element