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 $31,500 cash from the issue of common stock. 2. Purchased inventory for $25,200 cash. 3. Sold Inventory costing $16,500 for $30,500 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? Journal entry worksheet < A B C D Record entry for issuance of common stock. Note: Enter debits before credits. Event 1. General Journal Debit Credit < A B C D Record the entry of inventory purchased for cash. Note: Enter debits before credits. Event 2. General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet < A B C D Record sale of inventory for cash. Note: Enter debits before credits. Event 3a. General Journal Debit Credit Record entry Clear entr Journal entry worksheet < A B C D Record entry for cost of goods sold. Note: Enter debits before credits. Event 3b. General Journal Debit Credit Post the entries to T-accounts. Beg. Bal. Cash Common Stock Beg. Bal. End. Bal End. Bal. Inventory Sales Revenue Beg. Bal. Beg. Bal. End. Bal. End. Bal. Cost of Goods Sold Beg. Bal. End. Bal. Required A Required B Required C Required D Determine the amount of gross margin. DAN WATSON MERCHANDISING Income Statement For the Year Ended December 31, Year 1 in the tabs below. < Required B Required D > Required A Required B Required C Required D What is the amount of net cash flow from operating activities for Year 1? (Indicate cash outflows with mins Net cash flow from operating activities < Required C Required D >