Complete this question by entering your answer in the tabs below. Prepare a formal income statement for the year. Complete this question by entering your answer in the tabs below. Prepare a schedule of cost of goods manufactured and sold for the year. (Amounts to be deducted should be indicated with a minus sign.) Antloch Company makes eBook readers. The company had the following amounts at the beginning of Year 2 . Cash, $664,000; Raw Materlals Inventory. \$56,000; Work In Process Inventory. \$22,000; FInished Goods Inventory. \$52,000; Common Stock, \$600,000; and Retained Earnings, \$194,000. Antloch experlenced the following accounting events during Year 2 . Other than the adjusting entrles for depreclation, assume that all transactions are cash transactions. 1. Pard $27,000 of research and development costs. 2 Pald $59,000 for raw materlals that will be used to make eBook readers. 3. Placed $93,000 of the raw materlals cost Into the process of manufacturing eBook readers. 4. Pald $60,000 for salarles of selling and administrative employees. 5. Pald $102,000 for wages of production workers. 6. Pald $63,000 to purchase equipment used in selling and administrative offices. 7. Recognized depreclation on the office equipment. The equlpment was acquired on January 1, Year 2 . It has a $13,000 salvage value and a five-year life. The amount of depreclatlon is computed as [(Cost - salvage) useful life]. Specifically, (\$63,000 $13,000)5=$10,000. 8. Pald $155,000 to purchase manufacturing equipment. 9. Recognized depreclation on the manufacturing equipment. The equipment was acquired on January 1, Year 2 . It has a $27,000 salvage value and a elght-year life. The amount of depreclation is computed as [(Cost - salvage) useful life]. Speclfically. ($155,000$27,000)8=$16,000. 10. Pald $47,000 for rent and utility costs on the manufacturing faclilty. 11. Pald $80,000 for inventory holding expenses for completed eBook readers (rental of warehouse space, salarles of warehouse personnel, and other general storage cost). 12 Completed and transferred eBook readers that had total cost of $251,000 from work in process Inventory to finlshed goods. 13. Sold 960 eBook readers for $435,000. 14. It cost Antloch $201,600 to make the eBook readers sold in Event 13. Required: a. Show how these events affect the balance sheet, Income statement, and statement of cash flows by recording them in a horlzontal financlal statements model. c-1. Prepare a schedule of cost of goods manufactured and sold for the year. c-2. Prepare a formal Income statement for the year. c-3. Prepare a balance sheet for the year. Complete this question by entering your answer in the tabs below. Prepare a balance sheet for the year. Complete this question by entering your answer in the tabs below. Prepare a formal income statement for the year. Complete this question by entering your answer in the tabs below. Prepare a schedule of cost of goods manufactured and sold for the year. (Amounts to be deducted should be indicated with a minus sign.) Antloch Company makes eBook readers. The company had the following amounts at the beginning of Year 2 . Cash, $664,000; Raw Materlals Inventory. \$56,000; Work In Process Inventory. \$22,000; FInished Goods Inventory. \$52,000; Common Stock, \$600,000; and Retained Earnings, \$194,000. Antloch experlenced the following accounting events during Year 2 . Other than the adjusting entrles for depreclation, assume that all transactions are cash transactions. 1. Pard $27,000 of research and development costs. 2 Pald $59,000 for raw materlals that will be used to make eBook readers. 3. Placed $93,000 of the raw materlals cost Into the process of manufacturing eBook readers. 4. Pald $60,000 for salarles of selling and administrative employees. 5. Pald $102,000 for wages of production workers. 6. Pald $63,000 to purchase equipment used in selling and administrative offices. 7. Recognized depreclation on the office equipment. The equlpment was acquired on January 1, Year 2 . It has a $13,000 salvage value and a five-year life. The amount of depreclatlon is computed as [(Cost - salvage) useful life]. Specifically, (\$63,000 $13,000)5=$10,000. 8. Pald $155,000 to purchase manufacturing equipment. 9. Recognized depreclation on the manufacturing equipment. The equipment was acquired on January 1, Year 2 . It has a $27,000 salvage value and a elght-year life. The amount of depreclation is computed as [(Cost - salvage) useful life]. Speclfically. ($155,000$27,000)8=$16,000. 10. Pald $47,000 for rent and utility costs on the manufacturing faclilty. 11. Pald $80,000 for inventory holding expenses for completed eBook readers (rental of warehouse space, salarles of warehouse personnel, and other general storage cost). 12 Completed and transferred eBook readers that had total cost of $251,000 from work in process Inventory to finlshed goods. 13. Sold 960 eBook readers for $435,000. 14. It cost Antloch $201,600 to make the eBook readers sold in Event 13. Required: a. Show how these events affect the balance sheet, Income statement, and statement of cash flows by recording them in a horlzontal financlal statements model. c-1. Prepare a schedule of cost of goods manufactured and sold for the year. c-2. Prepare a formal Income statement for the year. c-3. Prepare a balance sheet for the year. Complete this question by entering your answer in the tabs below. Prepare a balance sheet for the year