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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 Account Titles Debit Credit Cash $ 14,860 Inventory 3,090 Common Stack $ 7,460 Retained Larnings 10,490 Total $ 12,950 $ 12.95 The following events affected the company during the Year 2 accounting period 1. Purchased merchandise on account that cost $4120 2. The goods in Event 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. . 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. puiluuu! L. TERRY'S AUTO SHOP Balance Sheet As of December 31, Year 2 Assets $ 15,895 Cash Inventory $ 15,895 Total assets Liabilities Accounts payable (910) $ $ (910) Total liabilities Stockholders' equity Common stock Retained earnings $ 7,460 11,950 Piepared baterii LSI NJE RUUHUL Luty Hour minus sign.) TERRY'S AUTO SHOP Statement of Cash Flows For the Year Ended December 31, Year 2 Cash flow from operating activities: Cash'inflow from customers $ 13,000 Cash outflow for expenses (8,750) Cash outflow for inventory (3,195) $ 1,055 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net change in cash 1,055 14,860 $ 15,915 Ending cash balance