Ho Designs experienced the following events during Year 1, its first year of operation: 1. Started the business when it acquired $62,000 cash from the issue of common stock. 2. Paid $21,900 cash to purchase inventory. 3. Sold inventory costing $12,200 for $28,100 cash. 4. Physically counted inventory, had inventory of $7,800 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 Bog. Bal. Beg. Bal. > > End. Bal. End. Bal Merchandise Inventory Sales Revenue Beg. Bal. Beg. Bal. > Bal End. Bal. End. Bal Cost of Goods Sold Beg. Bal. End. Bal. Required A Required B Inc Stmt> Prepare an income statement. HO DESIGNS Income Statement For the Year Ended December 31, Year 1 0 $ 0 Prepare a balance sheet. HO DESIGNS Balance Sheet December 31, Year 1 Assets 0 Total assets Liabilities Stockholders' equity 0 Total stockholders' equity Total liability and stockholders' equity $ 0 (Required B Inc Stmt Required B Bal Sheet