Exercise 3-3 Effect of inventory r Perpetual system LO 3-1 lustin Swords started a small merchandising business in 2014. The business experienced the following events during its first year of operation. Assume that Swords uses the perpetual inventory system. .Acquired $70,000 cash from the issue of common stock. 2. Purchased inventory for $60,000 cash. 3. Sold inventory costing $48,000 for $82,000 cash. Required t a. Record the events in a statements model like the one shown below. Equity Rev. - Exp. = Net Inc. CashFlow Assets Cash +Inv.Com. Stk. Ret. Earn. Prepare an income statement for 2014 (use the multistep format). What is the amount of total assets at the end of the period? b. c