Required Using the balance sheet equation as illustrated in this chapter, identify how each of the above events affect the balance sheet equation of A = L + SE. Prepare an income statement, a statement of shareholders' equity, a balance sheet, and a statement of cash flow for the first year of operations. Evaluate the company's financial performance during its first year of operations. Accounting Event Analysis and the Balance Sheet. Mayfair Company as of December 1, 2017. The accounts are listed in random order 2.24 Presented below are the balance sheet accounts of the $10,000 Note receivable 15,000/ 76,000 12,000 /common stock ($1 par value) During the month of December 2017, the following events occurred: I. Purchased inventory on credit that cost $3,000. 2. Issued common stock at par value in exchange for machinery and equipment valued at $12,000. 3. The building was appraised at a value of $45,000 by a certified real estate appraiser