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 $28,000 cash from the issue of common stock. 2. Purchased inventory for $22,400 cash. 3. Sold inventory costing $16,900 for $29,500 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? Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Record the events in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" in account field.) View transaction list Journal entry worksheet A B C D Record entry for issuance of common stock. > Record the events in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" in account field.) View transaction list 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 Record entry Clear entry View general journal < Required A Required B > Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Post the entries to T-accounts. Beg. Bal. End. Bal. Cash Beg. Bal. End. Bal. Common Stock Inventory Sales Revenue Beg. Bal. Beg. Bal. End. Bal. 0 Beg. Bal. Cost of Goods Sold End. Bal. End. Bal. < Required A Required C > Complete this question by entering your answers in the tabs below. 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 0 < Required B Required D >