Ho Designs experienced the following events during Year 1, its first year of operation: 1. Started the business when it acquired $70,000 cash from the issue of common stock. 2. Paid $41,000 cash to purchase inventory 3. Sold inventory costing $37,500 for $56,200 cash. 4. Physically counted inventory: had inventory of $3,200 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 B Inc Required B Bal Required A Stmt Sheet Record the events in the T-accounts provided. Common Stock Cash 0 70,000 56,200 Beg. Bal. 1. Bog. Bal 0 41,00012 0 0 0 End. Bol 85,200 End, Bal Sales Revenue Merchandise Inventory 0 0 41,000 37,500 36 3,500 Beg Bal 2 Bal Beg. Bal Required B Inc Required B Bal Required A Strnt Sheet Record the events in the T-accounts provided. Common Stock Beg. Bal Beg. Bal 1. 3a Cash 0 70,000 56,200 0 41,000 2 0 0 End, Bal 85.200 End, Bal Sales Revenue Beg Bat Beo. Bal 2 Bal Merchandise Inventory 0 0 41.000 37,5003 3,500 End, Bal 3,500 End. Bal Cost of Goods Sold 0 0 Beg Bai 3b. 37,500 0 0 0 0 End. Bal 93,700 Ho Designs experienced the following events during Year 1, its first year of operation, 1. Started the business when it acquired $70,000 cash from the issue of common stock, 2. Paid $41,000 cash to purchase inventory. 3. Sold inventory costing $37,500 for $56,200 cash. 4. Physically counted Inventory, had inventory of $3,200 on hand at the end of the accounting period. ook 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. encos Required A Required B Inc Required B Bal Stmt Sheet Prepare an income statement HO DESIGNS Income Statement For the Year Ended December 31, Year 1 0 2 Ho Designs experienced the following events during Year 1, its first year of operation 1. Started the business when it acquired $70,000 cash from the issue of common stock 2. Paid $41,000 cash to purchase inventory 3. Sold inventory costing $37.500 for $56,200 cash. 4. Physically counted inventory: had inventory of $3.200 on hand at the end of the accounting period. Book Required a. Record the events in the T-accounts provided b. Prepare an income statement and balance sheet Print Complete this question by entering your answers in the tabs below. rences Required A Required B Inc Required 8 Ball Stmt Sheet Prepare a balance sheet. HO DESIGNS Balance Sheet December 31, Year 1 Assets 0 Total assets Liabilities Stockholders' equity Dr 2 3 Next > your answers in the tabs below. Required A Required B Inc Required B Bal Stmt Sheet 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