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Exercise 4-11A (Algo) Effect of inventory losses: Perpetual system LO 4-5 Ho Designs experienced the following events during Year 1 , its first year of operation: 1. Started the business when it acquired $66,000 cash from the issue of common stock. 2. Paid $21,200 cash to purchase inventory. 3. Sold inventory costing $11,600 for $27,600 cash. 4. Physically counted inventory; had inventory of $7,700 on hand at the end of the accounting period. Required a. Record the events in the T-accounts provided. b. Prepare an income statement and balance sheet. Complete this question by entering your answers in the tabs below. Required a. Record the events in the T-accounts provided. b. Prepare an income statement and balance sheet. Complete this question by entering your answers in the tabs below. Prepare an inculme statement. a. Record the events in the T-accounts provided. b. Prepare an income statement and balance sheet. Complete this question by entering your answers in the tabs below. Prepare a balance sheet. Print Retorences \begin{tabular}{|l|l|l|} \hline Beg. Bal. & Sales Revenue \\ \hline End. Bal. & & \\ \hline \end{tabular}