During 2014, King Merchandising Company purchased $26,000 of inventory on account. King sold inventory on account that cost $19,500 for $29,300. Cash payments on accounts payable were $16,300. There was $26,100 cash collected from accounts receivable. King also paid $4,600 cash for operating expenses. Assume that King started the accounting period with $21,000 in both cash and common stock. a. Record the above events in a horizontal statement model. b. What is the balance of accounts receivable at the end of 2014? c. What is the balance of accounts payable at the end of 2014? d. What are the amounts of gross margin and net income for 2014?