Indicate how each event affects the horizontal financial statements model. Use the following letters to record your answer in the box shown below. If an event increases one account and decreases another account equally within the same element, record I/D. If an event has no impact on the element, record NA. Use only one letter for each element. You do not need to enter amounts.
Increase = IDecrease = D No Affected = NAJack Grimes, who had held 12% of Preston Company's outstanding common stock, agreed to purchase another 8% of Preston Company's outstanding common stock from Todd Barbour, another major stockholder of Preston's. Indicate the effect of this event on Preston's financial statements.
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