Pan Watson started a small merchandising business in Year 1. The business experlenced the following events during Its first year of pperation. Assume that Watson uses the perpetual Inventory system. 1. Acquired $34,000 cash from the issue of common stock. 2. Purchased Inventory for $27,200 cash. 3. Sold Inventory costing $16,400 for $30,500 cash. Required a. Record the events in general journal format. b. Post the entrles to T-accounts. c. Determine the amount of gross margin. d. What is the amount of net cash flow from operating actlvitles for Year 1? Complete this question by entering your answers in the tabs below. Record the events in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Note: Enter debits before credits