C Chaga Stud C W-Nation Justin Swords started a small merchandising business in 2014. The business experienced the following events during its first year of operation. Assume that Swords uses the perpetual inventory system 1. Acquired $T0,000 cash from the issue of common slock. 2. Purchased inventory for $60,000 cash. 3 Sold inventory costing $48,000 for $82,000 cash. Required a. Record the events in a statements model like the one shown below In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, NC for net change in cash and NA to indicate the element is not affected by the event. The first event is recorded as an example (Enter any decreases to account balances and cash outflows with a minus sign Effect of Events on Fianancial Statements Stockholders' Equity Assets Event Flows Cash Inventory Common Retained Revenue-ExpensesNet Statement of Cash 70,000 FA (60,000) OA 170,000 (60,000) 60,000 (48,000) (48.000 82,000 34,000 3a. (48,000 82,000* 92,000 82,000 34,000 82,000 82,000 OA 92,000 12,000 70,000 48,000 Total o e Type here to search 5 8 9