in accordance with GAAP 1. Acquired $52.000 cash by issuing common stock 2. Paid $7,000 for the materials used to make its products, all of which were started and completed during the year. 3. Paid salaries of $3,600 to selling and administrative employees. 4. Pald wages of $6.400 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 $1,000 estimated salvage value and a three-year useful life 6. Paid $11,500 for manufacturing equipment. The equipment was acquired on January 1. It had a $1,300 estimated salvage value and a three-year useful life. 7. Sold Inventory to customers for $26,100 that had cost $13,800 to make Required Indicate how these events would affect the balance sheet and income statement by recording them in a horizontal financial statements model as indicated here. The first event is recorded as an example. (Enter any decreases to account balances with a minus sign. For changes on the Statement of Cash Flows, Indicate whether the item is an operating activity (OA), Investing activity (IA), financing activity (FA).) Balance Sheet Event No: Assets Stockholders' Equity Income Statement Cash Flow Cash Inventory + BV Manuf Equip EV Office Furn Common Ret stock Eac Rev Exp. Net inc F1 82.000 + $2,000 = 52,000 FA 2 5 3 4 5 5b Ba Ob 7 76 Total Previ