Lucile Xi started a new outdoor clothing company in Year 1. The business experienced the following events during its first year of operation. Assume the new company uses the perpetual inventory system. 1. Acquired $108,000 cash from the issue of common stock. 2. Purchased clothing merchandise for $48,000 cash. 3. Sold clothing costing $29,000 for $63,000 cash. Record this transaction as two separate events (3a & 3b). Required: Use a horizontal financial statements model to show how each event affects the balance sheet, income statement, and statement of cash flows. More specifically, record the amounts of the events into the model. The first transaction is shown as an example. Note: In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, and NC for net change in cash. Enter any decreases to account balances and cash outflows with a minus sign. Not all cells require an input leave cells blank if there is no corresponding input needed. Balance Sheet Event Number Assets Liabilities + Stockholders' Equity Accounts Common Cash Inventory Payable Stock Retained Earnings Revenue 1. 108,000+ 108,000+ 2. + 3a. + 3b. + Total + Income Statement Expenses Net Income Statement of Cash Flows 108,000 FA