Gibson Manufacturing Company experienced the following accounting events during its first year of operation. With the exception of the adjusting entries for depreciation, assume that all transactions are cash transactions and that financial statement data are prepared in accordance with GAAP. 1. Acquired $50,000 cash by issuing common stock. 2. Paid $7,600 for the materials used to make its products, all of which were started and completed during the year. 3. Paid salaries of $4,200 to selling and administrative employees. 4. Paid wages of $6,300 to production workers. 5. Paid $6,100 for furniture used in selling and administrative offices. The furniture was acquired on January 1. It had a $1,300 estimated salvage value and a three-year useful life. 6. Paid $10,800 for manufacturing equipment. The equipment was acquired on January 1. It had a $1,200 estimated salvage value and a three-year useful life. 7. Sold inventory to customers for $26,000 that had cost $14,000 to make. Required Use a horizontal financial statements model to show how each event affects the balance sheet, income statement, and statement of cash flows. More specifically, record the amounts of the events into the model. Also, in the Statement of Cash Flows column, classify the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA). The first event is recorded as an example. Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed