ch04_Hw 0 Saved Help Save& Exlt Submit Check my work Required information Part 3 of 3 [The following information applies to the questions displayed below. ] _ Powell Company began the Year 2 accounting period with $40,000 cash, $86,000 inventory, $60,000 common stock, and 2 85 $66,000 retained earnings. During Year 2, Powell experienced the following events: \"mm 1' Sold merchandise that cost $58,000 for $99,500 on account to Prentise Furniture Store. 2. Delivered the goods to Prentise under terms FOB destination Freight costs were $900 cash. 3. Received returned goods from Prentise. The goods cost Powell $4,000 and were sold to Prentise for $5,900. 63\" 4. Granted Prentise a $3,000 allowance for damaged goods that Prentise agreed to keep. Him 5. Collected partial payment of $81,000 cash from accounts receivable. Print References c. Prepare a multistep income statement, a balance sheet, and a statement of cash flows. (Statement of Cash Flows only, items to be deducted must be Indicated with a negative amount.)