Assessment 1 Amarillo Company experienced the following... Amarillo Company experienced the following events during its first accounting period. 6Purchased $5,000 of inventory on account under terms 170130 2) Returned $1,000 of the inventory purchased in Event 1. (3) Pald the remaining balance in account payable within the discount period for the Invertory purchased in Event 1 Based on this information, which of the following shows how the recognition of the cash discount (Event 1) Will affect the company's financial statements Amarillo Company experienced the following events during its first accounting period. (1) Purchased $5,000 of Inventory on account under terms 17030. 2) Returned $1.000 of the inventory purchased in Evert 1 Pald the remaining balance in account payable within the discount period for the inventory purchased In Evert 1 Based on this information, which of the following shows how the recognition of the cash discount (Event 1) will affect the Company's financial statements? Multiple Choice Balance Sheet Llab - (50) Assets (50) Equity REV NA Income Statement Exp Net the NA NA Statement of Cash Flows NA Balance Sheet Lieb (40 Assets ( Equity Rev. NA Income Statement END Net The NA NA Statement of Cash Flows NA Balance Sheet Stalento Cash Flow Assets 1601 Lowity NA Inco Statant ED NETE NA Rev NA Balance Sheet LL Icon Statement EN Assets Cavity Hav tine State of Cass Flows NA