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Expent Computers was serted in Year 1 The company experienced the following accounning evens turing its first yeac-of operoson 1. Syarted business whed it bcquired $76,000 cash from the issue of common stock. 2. Purchased merchondise whth a tist pirce of 560.000 on account, 1erms 200 n 30 3. Paid aff one-nay of the accounts payabis baiance within the cacoun persod 4. 5old merchandse on accouns for $48,800 Credit terms wete 120, n 30 . The merchandise hod cost Eizen computers $20300 5. Collected cash from the account recetveble within the discount pectod. 6. Paid 59200cssh tor operoting expenses 7. Paid the boiance due on accounts payable. The poyment was not mode wittin the citcount pertod: Required 4. Pecord the events in a hoczontat statemens nodel below. in me Cosh Fows column, use the letters c a to detignate operanng leave the cell olatik. The first event is recorded os an exampie. b. What is the amount of gross margin for the period? What is the net income for the penod? Complete this question by estering your answers in the tabs below. Expert Computers was started in Year 1. The company expertenced the following accounting events during its first year of operation: 1. Started business when it acquired $76,000 cash from the Issue of common stock. 2. Purchased merchandise with a list price of $60.000 on account, terms 2/10,n/30. 3. Paid off one-half of the accounts payable balance within the discount perlod. 4. Sold merchandise on account for $48,800. Credit terms were 1/20,n/30. The merchandise had cost Expert Computers $29.300 5. Collected cash from the account recelvable within the discount period. 6. Paid $9,200 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. or NC for net change in cash. If the account is not affected by the event. leave the cell biank. 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. What is the amount of gross margin for the period? What is the net income for the period