Check my work Req Req B1 Reg B2 Reg B3 Reqc Record the events in a statements model shown below. (Enter any decreases to account balances and cash outflows with a minus sign. In the Cash Flow to designate operating activity, IA for investing activity, FA for financing activity, and for no affect, leave the cell blank. Not every cell will require entry.) Assets Event No. POWELL COMPANY Financial Statements Model for 2018 - Stockholders' Equity Income Statement Common Retained Net Revenue - Expenses -Income Stock Earnings 60.000 66.000 Statement of Cash Flows Accounts Receivable Cash + Inventory Bal 86.000 Prev 1 of 4 Next > Check my Powell Company began the 2018 accounting period with $40,000 cash, $86,000 inventory. $60,000 common stock, and $66.000 retained earnings. During 2018, Powell experienced the following events 1. Sold merchandise costing $58,000 for $99,500 on account to Prentise Furniture Store 2. Delivered the goods to Prentise under terms FOB destination Freight costs were $900 cash 3. Received returned goods from Prentise. The goods cost Powell $4,000 and were sold to Prentise for $5.900 4. Granted Prentise a $3,000 allowance for damaged goods that Prentise agreed to keep 5. Collected partial payment of $81,000 cash from accounts receivable. Required a. Record the events in a statements model shown below. b. Prepare an income statement, a balance sheet, and a statement of cash flows. c. Why would Prentise agree to keep the damaged goods? Complete this question by entering your answers in the tabs below. ReaA Real Rea B2 Rea B3 Reg Req A Rega Red B1 ReBi Req B2 Req 62 Req B3 Reqc Reg C Prepare an income statement for Powell Company. POWELL COMPANY Income Statement For the Year Ended December 31, 2018 Operating expenses Prey 1 of 4 !!! Next > Req A Req B1 Req B2 Req B3 Reqc Prepare a balance sheet for Powell Company. POWELL COMPANY Balance Sheet As of December 31, 2018 Assets ces Total assets Liabilities Stockholders' equity Total stockholders' equity Prey 1 of 4 Req A Req B1 Req B2 Req B3 Req C Prepare a statement of cash flows for Powell Company. (Amounts to be deducted should be indicated with POWELL COMPANY Statement of Cash Flows For the Year Ended December 31, 2018 Cash flow from operating activities Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net change in cash Ending cash balance Prey 1 of 4 !! Next > Req A Req B1 Req B2 Req B3 ReqC Why would Prentise agree to keep the damaged goods? (Select which of the fol "X".) Get goods at reduced cost Can resell the damaged goods Repair the damaged goods. Retain the damaged goods.