Bridgeport Electronics experienced the following events during Year 1, its first year of operation: 1. Started the business when it acquired $106,000 cash from the issue of common stock 2. Paid $91,000 cash to purchase inventory. 3. Sold merchandise inventory costing $38,000 for $71,000 cash. Record this transaction as two separate events (3a & 3b) 4. Physically counted inventory showing $45.400 inventory was on hand at the end of the accounting period.