Expert Computers was started in 2018. The company experienced the following accounting events during its first year of operation: 1. Started business when it acquired $77,000 cash from the issue of common stock 2. Purchased merchandise with a list price of $61,000 on account, terms 3/10, n/30. 3. Paid off one-half of the accounts payable balance within the discount period 4. Sold merchandise on account for $49,600. Credit terms were 2/20, n/30. The merchandise had cost Expert Computers $29,800 5. Collected cash from the account receivable within the discount period. 6. Paid $9,300 cash for operating expenses. 7. Paid the balance due on accounts payable. The payment was not made within the discount period Required a. Record the events in a horizontal statements model below. In the Cash Flows column, use the letters OA to designate operating activity, IA for investing activity, FA for financing activity, NC for net change in cash and NA to indicate accounts not affected by the event. The first event is recorded as an example. b. What is the amount of gross margin for the period? What is the net income for the period? Complete this question by entering your answers in the tabs below. Required A Required B Record the events in a horizontal statements model below. In the Cash Flows column, use the letters OA to designate operating activity, IA for inv change in cash and NA to indicate accounts not affected by the event. The first event is recorded as an example. (Enter any decreases to account EXPERT COMPUTERS Horizontal Statements Model for 2018 Assets LiabilitiesStockholders' Equity Income Statement Statement of Cash Flows Event Common Stock Retained Earnings Net Income Cash Accounts RevenueExpenses ReceivableInventory -AccountsC Payable 77,000 77,000 77,000 FA 2. 61,000 61,000+ 3 4b 5 7 End. Bal 77,000+ 061,000- 61,000 77,000+ 077,000 Required A RequiredB > Complete this question by entering your answers in the tabs below. Required ARequired B What is the amount of gross margin for the period? What is the net income for the period? Gross margin Net income K Required A Required B