1. GCCRevisited - Inventory Review the Green Car Company examples in Chapter7 A. Create dr/cr style journal entries for these, Green-Car-Co. events: a. Buys a car to refurbish for S18,000 plus S100 for delivery to GCC's shop. (All of this is inventory). GCC pays for the car on a credit card and pays the transportation fee in cash. b. Works on the car (in its one-bay, one-worker shop) for 3 days, during which time no expenses are paid (except as explicitly stated otherwise), and: i) Its refurbishing worker's daily salary is $200. ii) The CFO's daily salary is S400 iii) The accounting staff daily salary is $220. iv) There are two people in the sales team with a daily salary of $80/person. v) GCC's shop rent and utilities cost is S40/day. vi) The car's AC unit is broken by accident, making it completely worthless. The estimated cost of the unit is $500. vii) A new AC unit for the car is purchased for $500 on account. (IE: GCC is invoiced for the purchase) c. At the end of the third day, GCC sells the car for $30,000, receiving $20,000 in cash and an nterest-free note for the remaining $10,000 B. Prepare an Income Statement for the period. C. Did the company profit during the period of this problem? Why or why not? D. During the period of this problem, has the company's cash increased or decreased? you know? How do E. Create a Direct Method Cash Flow Statement for the period. answers to D above? Does this statement support your