Powell Company began the Year 2 accounting period with $20,000cash,$60,100 inventory, $48,500 common stock, and $31,600 retained earnings. During Year 2 , Powell experienced the following events: 1. Sold merchandise that cost $36,800 for $75,100 on account to Prentise Furniture Store. 2. Delivered the goods to Prentise under terms FOB destination. Freight costs were $380 cash. 3. Recelved returned goods from Prentise. The goods cost Powell $1,960 and were sold to Prentise for $3,820. 4. Granted Prentise a $1,160 allowance for damaged goods that Prentise agreed to keep. 5. Collected partial payment of $53,700 cash from accounts receivable. Exercise 4-16A (Algo) Part c Required c. Prepare a multistep income statement, a balance sheet, and a statement of cash flows. Complete this question by entering your answers in the tabs below. Prepare a multistep income statement. quired Prepare a multistep income statement, a balance sheet, and a statement of cash flows. Complete this question by entering your answers in the tabs below. Prepare a multistep income statement. Prepare an statement of cash flows. (Cash outflows should be indicated with a minus sign.)