Financial Accounting $$ Use spreadsheet $($horizontal financial statement model$)$ to show inputs, balance sheet at $12/31/$Year $1,$ income statement year $1,$ and cash flow statement for year $1.$ Received $$200,000$ for the issuance of Common Stock on Jan $1.$ Acquired inventory for $$50,000$ on account. Sold inventory for $$100,000$ cash. The inventory cost $50,000.($show $2$ transactions on one line. Income Statement Account will show Revenue$/$COGS on spreadsheet$).$ Provided one year warranty on the inventory sold. Based on industry estimates, the warranty should be $10\%$ if sales. On November $1,$ borrowed $$30,000$ for a local bank to buy future inventory. Paid $$5000$ in warranty repairs. Paid $$25,000$ of Operating expenses. Paid $$70,000$ of the Accounts payable. The note carries interest at $10\%,$ and matures April $30,$ Year $2(6$ months$).$