Powill Company began the Yeer 3 accosinting persod with $38000 cash, $76,000 invectory: 457000 commoo stock, and $57000 retained earnings. During Yhar a; Powel experienced the fotlexing evonts: 1. Sold merchanidse costing $48.000 tor 5 tot, 000 on account to Prensse fumiture store 2. Delvered the goods to Prontre under terms FDE destirstion Fieight costs were 51100cash 3. Recelved retuined goods from Preritise. The goods cost Powsil $4,800 and were sold to Pientise foe $7000 4. Granted Prentse a $2,800 allowhance for darnaged goods that Prentise ogreed 10 keep 5. Collected partial payment of 381000 cash fror acconors tecelvoble Required e. Recoid the overits in a faternents moded shown below. b. Prepare an income stotement, a belance sheet and o statement of casn flows c. Why would frentise agree to keep the damofed goods? Complete this question ly eritering your answers in the tabs below. every celf will reuperesedond