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Required information [The following information applies to the questions displayed below] The trial balance for Terry's Auto Shop as of January 1 Year 2 follows: Credit Debit $ 14,860 3,090 Account Titles Cash Inventory Common Stock Retained Earnings Total $ 7,460 10,490 $ 17,95e $ 17,950 The following events affected the company during the Year 2 accounting period: 1. Purchased merchandise on account that cost $4.120 2. The goods in Event 1 were purchased FOB shipping point with freight cost of $215 cash. 3. Returned $420 of damaged merchandise for credit on account 4. Agreed to keep other damaged merchandise for which the company received an $280 allowance, 5. Sold merchandise that cost $2.680 for $13,000 cash 6. Delivered merchandise to customers in Event 5 under terms FOB destination with freight costs amounting to $110 cash. 7. Paid $2.890 on the merchandise purchased in Event 1. 8. Paid $8,750 cash for operating expenses. c. Prepare a multistep income statement, balance sheet and statement of cash flows. (Assume that closing entries have been made Answer is not complete. Complete this question by entering your answers in the tabs below. WYUV.MY WELL *** vue V. 0 Required information III LUI Statement Balance Sheet glace VI Cash Flows Prepare a balance sheet. TERRY'S AUTO SHOP Balance Sheet As of December 31, Year 2 Assets Cash Inventory $ 15,895 4,605 X Total assets $ 20,500 Liabilities Accounts payable 910 S 910 Total liabilities Stockholders' equity Common stock Retained earnings $ 7,460 11,950 Total stockholders' equity Total liabilities and stockholders' equity 19.410 $ 20,320