Required Explain how these events would affect the balance sheet and income statement by recording them in a horizontal financial statements model as indicated here. The first event is recorded as an example. Financial Statements Model Assets Equity Manuf. Office Com. Ret. Cash + Inventory + Equip.* + Furn: - Stk. + Ear. 87.000 87,000 Event No. Rev. Exp. = Net Inc. 1 "Record accumulated depreciation as negative amounts in these columns LO Problem 1-22B Product versus SG&A costs The following transactions pertain to 2018, the first year of operations of Fuzhou Company. All inven- tory was started and completed during the accounting period. All transactions were cash transactions. 1. Acquired $50,000 of contributed capital from its owners. 2. Paid S10.500 for materials used to produce inventory 3. Paid $8,600 to production workers. 4. Paid $4.900 rental fee for production equipment. 5. Paid $2.100 to administrative employees. 6. Paid $2,900 rental fee for administrative office equipment. 7. Produced 1.200 units of inventory of which 1.100 units were sold at a price of $27 each. Required Prepare an income statement and a balance sheet. Assume the statements are prepared in accordance with GAAP