Junker's Stash started the Year 2 accounting period with the balances given in the financial statements model shown below. During Year 2, Junker's Stash experienced the following business events: 1. Paid cash to purchase $78,000 of merchandise inventory. 2. The goods that were purchased in Event 1 were delivered FOB destination. Freight costs of $1,560 were paid in cash by the responsible party. 3a. Sold merchandise for $84,000 under terms 1/10, n/30. 3b. Recognized $45,900 of cost of goods sold. 4a. Junker's Stash customers returned merchandise that was sold for $2,260. 4b. The merchandise returned in Event 4a had cost Junker's Stash $1,330. 5. The merchandise in Event 3a was sold to customers FOB destination. Freight costs of $1,730 were paid in cash by the responsible party. 6a. The customers paid for the merchandise sold in Event 3a within the discount period. Recognized the sales discount. 6b. Collected the balance in the accounts receivable account. 7. Paid cash of $7,050 for selling and administrative expenses. 8. Sold the land for $9,500 cash. Required a. Record the above transactions in a financial statements model. The first event is recorded as an example. b. Determine the amount of net sales. c. Prepare a multistep income statement. (Round your answers to 1 decimal place.) 6 JUNKER'S STASH Financial Statements Model Balance Sheet 7.69 points Income Statement Expensel = Net Income Loss Assets Revenuel Gain Stockholders' Equity Stater Skipped ent 0. Cash + Accounts Receivable + + Land Inventory 15,800 + Common + Stock 78,000 + Retained Earnings 38,400 bal. 88,000 + + 12,600 = = eBook 1. + + + + 2. + + = Hint + IT . . + + Print 3b. + + References + + + + + + 4a. + + + + + + + + + + 4b. + + 5. + + . + +! + 6b. + + + + 7. + + + ++ 8. + + + bal. 88,000 + 0 + 15,800 + 12,600 78,000 + 38,400 0 0 = Required A Required B Required C Determine the amount of net sales. (Round your answer to 1 decimal place.) Net sales