Question 7 On January 1, Year 1, ABC Merchandising Company was started. The company experienced the following events during the first year of operation: 1. Started the business by issue common stock for $1,000 cash. 2. Purchased $680 of inventory on account. 3. Sold merchandise costing $110 for $180 on account. 4. Collected $150 cash from accounts receivable. 5. Paid $490 of outstanding accounts payable. What is the value of ABC Merchandising Company's Net Cash Flow from Operating Activities in Year 1? (5340) $340 $70 ($500)