Bingerton Industries began the year with inventory of $85,000. Purchases of inventory on account during the year totaled $310,000. Inventory costing $335,000 was sold on account for $520,000. Required: Determine the financial statement effects of the purchase of inventory on account and the sale of inventory on account using a perpetual system. Complete this question by entering your answers in the tabs below. Purchase Sale Determine the financial statement effects of the sale of inventory on account using a perpetual system. Note: Amounts to be deducted should be indicated with a minus sign. Assets Balance Sheet Liabilities Stockholders' Equity Common Retained Stock Earnings Revenues < Purchase Sale > Income Statement Expenses Net Income