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 $15,300 for $29,000 cash. Required a. Record the events in general journal format. For event 3, record revenue in entry 3a, and expense in entry 3b. 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 Required D 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.) View transaction list Journal entry worksheet 1 2 3 4 Record entry for issuance of common stock. Note: Enter debits before credits. Event General Journal Debit Credit 01 Record entry Clear entry View general journal Required A Required B > Post the entries to T-accounts. Cash Common Stock Beg. Bal. Beg. Bal. End. Bal End. Bal. Merchandise Inventory Sales Revenue Beg. Bal. Beg. Bal End. Bal. 0 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 (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 minus sign.) Net cash flow from operating activities Required C Required