PROBLEM 2 Product versus general, selling, and administrative costs The following transactions pertain to 2019, the first year operations of Kendall Company. All inventories was started and completed during 2019. Assume that all transactions are cash transactions. 1. Acquired $105,000 cash by issuing common stock. 2. Paid $45,000 for manufacturing equipment and 5 year useful life. 3. Paid $9,400 for materials used to produce inventory. 4. Paid $3,500 to production workers. 5. Paid $4,400 for administrative office furniture, it had $1,000 salvage value and 5 year useful life. 6. Paid $13,000 to administrative employees salaries. 7. Produced 9,000 units of inventory of which 7,000 units were sold at a price of $7.00 each. Calculate cost of goods sold. (Recuerda redondear cantidad a dos decimas $0.00) Required Prepare an accounting equation using a horizontal statement model. "COPY AND PASTE THE TABLE, SOLUTION PROBLEM 2 Event Assets Income Statement Equity Common Manut. Office Cash Flow No. Cash + Invent. + Equip. Furn. Stock Ret. Ear. Rev. Exp. = Net Inc. 1. 3. 5a. 50 7a. 7. Total