A new company began with $50,000 in cash and common stock. It bought 100 phones for $500 each and resold 95 of them for $600 each. Ignore taxes. For statement of cash flows, refer to PowerPoints of Chapter 21 if Chapter 4 does not provide enough guidance. a. Record the journal entry to purchase the inventory (Inventory, Cash). b. Record the sale of inventory (Cash, Sales Revenue; Cost of Goods Sold, Inventory) Prepare a T-account to show cash balance. d. Prepare a T-account to show inventory balance. Prepare f. Prepare a balance sheet g. Prepare a direct statement of cash flows. h. Prepare C. an income statement e. indirect statement of cash flows an