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Dan Watson started a small merchandising business in 2018. The business experienced the following events during its first year of operation. Assume that Watson uses the perpetual inventory system. 1. Acquired $34,000 cash from the issue of common stock 2. Purchased inventory for $27,200 cash. 3. Sold inventory costing $18,100 for $31,000 cash. Required a. Record the events in a horizontal statement model In the Cash Flow column, use OA to designate operating activity, IA for investment activity FA for financing activity, NC for net change in cash and NA to indicate the element is not affected by the event. b. Prepare an income statement for 2018 (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 C Record the events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, NC for net change in cash and NA to Indicate the element is not affected by the event. (Enter any decreases to account balances and cash outflows with a minus sign.) DAN WATSON MERCHANDISING Eftect ot Events on Financial Statement Assets Stockholders' Equity Statement of Cash Flows Event CommonRetained RevenueExpenses Income Cash +Inventory Stock Earnings 3a. 3b. Total