Check my work 6 Solomon Manufacturing Company experienced the following accounting events during its first year of operation with the exception of the adjusting entries for depreciation, assume that all transactions are cash transactions and that financial statement data are prepared in accordance with GAAP 20 1 Acquired 554 000 cash by issuing common stock 2 Poid $7400 for the materials used to make its products, all of which were started and completed during the year 3. Paid States of $3.600 10 celing and administrative employees 4 Pald wages of $6100 to production workers 5. Paid 50,000 for furniture used in seting and drive offices. The furniture was acquired on January 1 It had a $1500 estimated salvage value and a four-year uselite 6. Paid S12.500 for manutacturing equpment. The equipment was acquired on January 1 it had a $1400 estimated savage value and a three yearusele 7 Soldwentory to customers for $26100 that had cost 512 900 to make Required Indicate how these events would atlect the balance sheet and income statement by recording mem in a homontar hinancial statement models indicated here. The tent 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 (CA), investing activity GAL. Tinancing activity (FA tale E 4. Tinancing Dunya) Income Statement Cash Flow Event No. Balance Shoot Assets BV Manut BV Office Inventory Equip Fum Stockholders' Equity Common Ret stock 54 000 Rev. Exp Net Inc. Cash 54 000 FA . 54.000 + + 1 2 3 . + - + 4 + ... 5a + Ea 60 - + 75 0 0 54 000 0 0 0 54.000 54,000+