Ho Designs experienced the following events during Year 1, its first year of operation: 1. Started the business when it acquired $68,000 cash from the issue of common stock. 2. Paid $21,700 cash to purchase inventory. 3. Sold inventory costing $11,500 for $26,500 cash. 4. Physically counted inventory; had inventory of $6,900 on hand at the end of the accounting period Required a. Record the events in the T-accounts provided. b. Prepare an income statement and balance sheet Complete this question by entering your answers in the tabs below. Required A Required B Inc Required B Bal Stmt Sheet Record the events in the T-accounts provided Cash Common Stock Beg. Bal. Beg. Bal