Dan Watson started a small merchandising business In 2018. The business experlenced the following events during its first year of operation. Assume that Watson uses the perpetual Inventory system. 1. Acquired $30,500 cash from the Issue of common stock. 2. Purchased Inventory for $24,400 cash. 3. Sold Inventory costing $15,400 for $28,500 cash Required a. Record the events In a horizontal statement model. In the Cash Flow column, use OA to deslgnate 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. b. Prepare an Income statement for 2018 (use the multistep format). c. what is the amount of total assets at the end of the period? Complete this question by entering your answers in the tabs below Required A Required BRequired C Record the events in a horizontal statement model. 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. (Enter any decreases to account balances and cash outflows with a minus sign DAN WATSON MERCHANDISING Effect of Events on Financial Statement Assets Stockholders' Equity RevenueExpenses Net Income Statement of Cash Flows vent Common Retained Earnings Cash +Inventory Stock+ 2. 3b Total RequiredB >