Farm Tractor Supply experienced the following events during Year 1, its first year of operation:
1. Acquired $85,000 cash from the issue of common stock.
2. Purchased inventory for $42,000 cash.
3. Sold inventory costing $25,000 for $56,000 cash.
4. Paid $3,000 for advertising expense.

Required
Record the events in a horizontal financial statements model like the one shown next.

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Balance Sheet Income Statement Statement of Cash Flows Stk. Equlty Assets Com. Stk. Cash Inv. Ret. Earn. Net Inc. Rev. Exp.