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Gunn 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. 1. Acquired $80,000 cash by issuing common stock. 2. Paid $9,200 for the materials used to make its products, all of which were started and completed during the year 3. Paid salaries of $3,800 to selling and administrative employees. 4. Paid wages of $12,000 to production workers. offices. The furniture was acquired on January 5. Paid 9,600 for furniture used in selling and administrative useful 6. had a salvage value and acquired 1. It had a $1,000 Paid $16,000 for manufacturing equipment The equipment was on January estimated salvage value and a five-year useful life $18,000 to make. 7. Sold inventory to customers for $38,000 that had cost