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Complete this question by entering your answers in the tabs below. Prepare a balance sheet for Powell Company. Exercise 3-16A (Algo) Effect of sales returns and allowances and freight costs on the financial statements: Perpetual system LO 3-2, 3-3, 3-4, 3-6, 3-7 Powell Company began the Year 3 accounting period with $37,000 cash, $75,000 inventory, $56,000 common stock, and $56,000 retained earnings. During Year 3 , Powell experienced the following events: 1. Sold merchandise costing $47,500 for $100,000 on account to Prentise Furniture Store. 2. Delivered the goods to Prentise under terms FOB destination. Freight costs were $1,000 cash. 3. Received returned goods from Prentise. The goods cost Powell $4,700 and were sold to Prentise for $6,800. 4. Granted Prentise a $2,700 allowance for damaged goods that Prentise agreed to keep. 5. Collected partial payment of $80,000 cash from accounts receivable. Required a. Record the events in a statements model shown below. b. Prepare an income statement, a balance sheet, and a statement of cash flows. c. Why would Prentise agree to keep the damaged goods? Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Why would Prentise agree to keep the damaged goods? (Select "Yes" if the item is a reason to agree, and "No" if it is not.) Complete this question by entering your answers in the tabs below. Prepare an income statement for Powell Company. Complete this question by entering your answers in the tabs below. Prepare a statement of cash flows for Powell Company. (Cash outflows should be indicated with a minus sign.) Complete this question by entering your answers in the tabs below. Record the events in a statements model shown below. (Enter any decreases to account balances and cash outflows with a minus sigr to designate operating activity, IA for investing activity, FA for financing activity, or NC for net change in cash. If the account is not af every cell will require entry.)