no differences Problem 5-2 The following transactions apply to Thor Co. for 2016, its first year of operations. 1. Issued 2. Provided 3. Collected 4. Loaned $540,000 $441,000 $346,500 $56,250 of common stock for cash. of services on account. cash from accounts receivable to Home Co. on September 1, 2016. The note had a one-year term to maturity 5. 6. 7. 8. and an 3% interest rate. Paid Paida Recorded the accrued interest income on December 31, 2016 (see item 4) Uncollectible accounts expense is estimated to be 166,500 of salaries expense for the year $12,600 dividend to the stockholders 2.0% of service revenue on account. REQUIRED Show the effects of the above transactions in a horizontal statements model. Prepare the income statement, balance sheet, and statement of cash flows for 2016. a. b. Problem 6-1