mework 0 Saved Dan Watson started a small merchandising business in Year 1. The business experienced the following events during its first year of operation. Assume that Watson uses the perpetual inventory system, 1. Acquired $28,000 cash from the issue of common stock. 2. Purchased inventory for $22,400 cash. 3. Sold inventory costing $16,800 for $29,000 cash. Required a. Record the events in a horizontal financial statements model. b. Prepare an income statement for Year 1 (use the multistep format). c. What is the amount of total assets at the end of the period? Complete this question by entering your answers in the tabs below. Required A Required B Required Record the events in a horizontal financial statements model. (In the Cash Flow column, use OA to designate operating activity, IA for in activity, and NC for net change in cash. Enter any decreases to account balances and cash outflows with a minus sign. Not all cells in the require an input leave cells blank if there is no corresponding input needed.) DAN WATSON MERCHANDISING Effect of Events on Financial Statement Balance Sheet Income Statement Stockholders' Equity mm Datinet Revenue Expenses Statement of Cash Flows Net Assets Event Prey 1 of 3 Next > education.com/ext/map Saved mework Operauon. Assume that watson uses the perpetua inventory system. 1. Acquired $28,000 cash from the issue of common stock, 2. Purchased inventory for $22.400 cash. 3. Sold inventory costing $16,800 for $29.000 cash. Required a. Record the events in a horizont financial statements model b. Prepare an income statement tr Year 1 (use the multistep format). c. What is the amount of total assets at the end of the period? Complete this question by entering your answers in the tabs below. Required A Required B Required What is the amount of total assets at the end of the period? Total assets