Powell Company began the Year 3 accounting period with $39,000 cash, $77,000 inventory, $58,000 common stock, and $58,000 retained earnings. During Year 3, Powell experienced the following events: Sold merchandise costing $48,500 for $102,000 on account to Prentise Furniture Store. Delivered the goods to Prentise under terms FOB destination. Freight costs were $800 cash. Received returned goods from Prentise. The goods cost Powell $4,900 and were sold to Prentise for $7,200. Granted Prentise a $2,900 allowance for damaged goods that Prentise agreed to keep. Collected partial payment of $82,000 cash from accounts receivable. Required Record the events in a statements model shown below. Prepare an income statement, a balance sheet, and