A new company began with S50,000 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 Power Points 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) c. Prepare a T-account to show cash balance. d. Prepare a T-account to show inventory balance. e. Prepare an income statement f. Prepare a balance sheet g. Prepare a direct statement of cash flows. h. Prepare an indirect statement of cash flows