Record the events in the T-accounts provided. Prepare a balance sheet. Ho Designs experienced the following events during Year 1 , its first year of operation: 1. Started the business when it acquired $70,000 cash from the issue of common stock. 2. Paid $41,000 cash to purchase inventory. 3. Sold inventory costing $37,500 for $56,200 cash. 4. Physically counted inventory; had inventory of $3,200 on hand at the end of the accounting period. Required a. Record the events in the T-accounts provided. b. Prepare an income statement and balance shyet. Requirea a. Record the events in the T-accounts provided. b. Prepare an income statement and balance sheet. Complete this question by entering your answers in the ta Prepare an income statement