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 $34,000 cash from the issue of common stock. 2. Purchased inventory for $27,200 cash. 3. Sold Inventory costing $15,800 for $31,000 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 t? Post the entries to T-accounts. Determine the amount of gross margin. What is the amount of net cash flow from operating activities for Year 1 ? (Indicate cash outflows with minus sign.)