Post the entries to T-accounts. Journal entry worksheet Record entry for issuance of common stock. Note: Enter debits before credits. Record entry for cost of goods sold. Note: Enter debits before credits. Journal entry worksheet Record sale of inventory for cash. Note: Enter debits before credits. What is the amount of net cash flow from operating activities for Year 1? (Indicate cash outflows with minus sign.) Determine the amount of gross margin. DAN WATSON MERCHANDISING Income Statement For the Year Ended December 31, Year 1 Dan Watson started a small merchandising business in Year 1. The business experienced the following events during its first year of operation. Assume that Watson uses the perpetual inventory system. 1. Acquired $33,500 cash from the issue of common stock. 2. Purchased inventory for $26,800 cash. 3. Sold inventory costing $16,900 for $30,500 cash. Required a. Record the events in general journal format. b. Post the entries to T-accounts. c. Determine the amount of gross margin. d. What is the amount of net cash flow from operating activities for Year 1? Journal entry worksheet Record the entry of inventory purchased for cash. Note: Enter debits before credits