Check my work 1. Acquired $58,000 cash by Issuing common stock 2. Paid $7100 for the materials used to make its products, all of which were started and completed during the year. 3. Pald salaries of $4,400 to selling and administrative employees. 4. Pald wages of $6,600 to production workers 5. Paid $3,300 fot furniture used in seling and administrative offices. The furniture was acquired on January 1. It had a $1,100 estimated salvage value and a two-year useful life. 6. Paid $12,100 for manufacturing equipment. The equipment was acquired on January 1. It had a S1600 estimated salvage value and a three-year useful life. 7. Sold inventory to customers for $26,900 that had cost $13,600 to make. Required Indicate how these events would affect the balance sheet and income statement by recording them in a horizontal financial statements model as indicated here. The first event is recorded as an example. (Enter any decreases to account balances with a minus sign. For changes on the Statement of Cash Flows, indicate whether the item is an operating activity (OA), investing activity (1A), Financing eltivity (FA)) Income Statement Event No. Balance Sheet Assets BV Manut EV Office Inventory Equip Fum . . Cash Flow Cash Stockholders' Equity Common Ret stock Ear 58,000 Rev. Exp Net Inc 50,000 50,000 FA 1 2 3 . . - 4 5 sta . ob . 7a 70 Total 58.000 + 0 D 58.000 0 0 58.000