Powell Company began the 2018 accounting period with $40,000 cash, $86,000 inventory, $60,000 common stock, and $66,000 retained earnings. During 2018, Powell experienced the following events: 1. Sold merchandise costing $58,000 for $99,500 on account to Prentise Furniture Store. 2. Delivered the goods to Prentise under terms FOB destination. Freight costs were $900 cash. 3. Received returned goods from Prentise. The goods cost Powell $4,000 and were sold to Prentise for $5,900. 4. Granted Prentise a $3,000 allowance for damaged goods that Prentise agreed to keep 5. Collected partial payment of $81,000 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 Reg A Reg 31 Reg B2 Req B3 Reac Prepare a balance sheet for Powell Company POWELL COMPANY Req A Req B1 Req B2 Req B3 ReqC Prepare a balance sheet for Powell Company. POWELL COMPANY Balance Sheet As of December 31, 2018 Assets / / Total assets Liabilities Stockholders' equity / / / / / Total stockholders' equity Total liabilities and stockholders' equity $ 0 ALL