it 3 Chapter 3 Homework Assignment i Saved Help Exercise 3-1A (Static) Determining the cost of financing inventory LO 3-1 O On January 1, Year 1, Jana started a small flower merchandising business that she named Jana's Flowers. The company experienced points the following events during the first year of operation: 1. Started the business by issuing common stock for $30,000 cash. 2. Paid $19,000 cash to purchase inventory. 3. Sold merchandise that cost $10,000 for $21,000 on account. 4. Collected $16,000 cash from accounts receivable. 5. Paid $3,750 for operating expenses. Required . Organize ledger accounts under an accounting equation and record the events in the accounts. In the last column of the table, provide appropriate account titles for the Retained Earnings amounts. b-1. Prepare an income statement. b-2. Prepare a balance sheet. b-3. Prepare a statement of cash flows. c. Since Jana sold inventory for $21,000, she will be able to recover more than half of the $30,000 she invested in the stock. Do you agree with this statement? Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Req C Since Jana sold inventory for $21,000, she will be able to recover more than half of the $30,000 she invested in the stock. Do you agree with this statement? Do you agree with this statement?