Baird Manufacturing Company experienced the following accounting events during its first year of operation. With the oception of the adjusting entries for depreciation, assume that all transactions are cash transactions and that financial statement data are prepared in accordance with GAAP 1 Acquired $59,000 cash by Issuing common stock 2 Pald $8,000 for the materials used to make its products, all of which were started and completed during the year 3. Paid salaries of $3,600'to selling and administrative employees 4. Paid wages of $6.500 to production workers. 5. Pald $8.900 for furniture used in seling and administrative offices. The furniture was acquired on January 1. It had a $1.300 estimated salvage value and a four-year useful life 6. Pald $12.400 for manufacturing equipment. The equipment was acquired on January 1. It had a $1.300 estimated salvage value and a three year useful life 7. Sold Inventory to customers for $26.900 that had cost $14,000 to make Required Indicate how these events would affect the balance sheet and income statement by recording them in a hortzontal financial statements model as indicated here. The first event is recorded as an example (Enter any decreases to account balances with a minus sign In the Cash Row column. Indicate whether the item is an operating activity (OA), Investing activity (IA), financing activity (FA). or leave the cell blank if there is no effect) Income Statement Event No Inventory+ Man Equip. Financial Statements Model Equity Othe Common Ret Fum stock Ear 59.000 Rex Exp Net Inc 1 59.000 + Cash flow 59,000 FA 2 3 = 38 50 + + + + + + + + + 70 7a 70 +++ 59.000 - 59.000 0 0 50.000