Elena's Earrings Inc (EE)experienced the following events in 2020 and uses the perpetual inventory method. For each event, show: For each event, show if and how cash, the balance sheet (A=L+E) and the income statement (R-E-NI) are affected, using specific dollar amounts and accounts. Show effect on the cash flow statement and what type of activity the transaction is. IE OA, IA,FA. (DO PROBLEM IN ACCOUNTING EQUATION) ADD UP ALL ACCOUNTS TO MAKE SURE YOUR BALANCE (Show in equation form clearly and properly labeled) Be sure the equation balances. TOTAL ALL COLUMNS EE issued $70,000 of common stock. EE purchased merchandise inventory on account for $110,000 The freight terms for the inventory merchandise in #1 were FOB shipping point. EE paid the freight cost of $300 in cash. . An inspection revealed that some of the inventory purchased in #2 was defective, and that had a cost of $8,000. EE returned this merchandise to the supplier. . EE sold 120 earrings at a sales price of $250 each ON ACCOUNT to customers. EE had purchased the merchandise inventory sold for $12,000 (#2). HINT: it is now that the merchandise inventory becomes an expense. EE customers returned some merchandise EE had sold them in #5. The merchandise had been sold for the $4,000 and had been purchased by EE for $1,500. EE paid (in cash) freight cost of $3,000 for goods delivered to customers in #5, FOB destination. EVENT No. Cash + Assets Accts rec Liab. Inven. Acct pay + Equity C. Stk. Rev. + Ret. Ear. Exp. Net Inc. Cash Flow