Dan Watson started a small merchandising business in Year 1. The business experienced the following events during its first year of operation. Assume that Watson uses the perpetual inventory system. 1. Acquired $34,500 cash from the issue of common stock. 2. Purchased inventory for $27,600 cash. 3. Sold inventory costing $15,700 for $30,000 cash. Required a. Record the events in general journal format. b. Post the entries to T-accounts. c. Determine the amount of gross margin. d. What is the amount of net cash flow from operating activities for Year 1? Complete this question by entering your answers in the tabs below. Determine the amount of gross margin. Complete this question by entering your answers in the tabs below. Post the entries to T-accounts. Dan Watson started a small merchandising business in Year 1. The business experienced the following events during its first year of operation. Assume that Watson uses the perpetual inventory system. 1. Acquired $34,500 cash from the issue of common stock. 2. Purchased inventory for $27,600 cash. 3. Sold inventory costing $15,700 for $30,000 cash. Required a. Record the events in general journal format. b. Post the entries to T-accounts. c. Determine the amount of gross margin. d. What is the amount of net cash flow from operating activities for Year 1? Complete this question by entering your answers in the tabs below. What is the amount of net cash flow from operating activities for Year 1? (Indicate cash outflows with minus sign.) Dan Watson started a small merchandising business in Year 1. The business experienced the following events during its first year of operation. Assume that Watson uses the perpetual inventory system. 1. Acquired $34,500 cash from the issue of common stock. 2. Purchased inventory for $27,600 cash. 3. Sold inventory costing $15,700 for $30,000 cash. Required a. Record the events in general journal format. b. Post the entries to T-accounts. c. Determine the amount of gross margin. d. What is the amount of net cash flow from operating activities for Year 1? Complete this question by entering your answers in the tabs below. Record the events in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)