Required Explain how these events would affect the balance sheet and income statement by recording them in a horizontal financial statements model as indicated here. The first event is recorded as an example. Financial Statements Model Assets Equity Event Manuf. Office + Inventory + Equip. + Furn.. = Com. Stk. Ret. + Ear. No Cash Rev. - Exp. Net Inc. 87,000 87.000 "Record accumulated depreciation as negative amounts in these columns Problem 1-22B Product versus SG&A costs The following transactions pertain to 2018, the first year of operations of Fuzhou Company. All inven tory was started and completed during the accounting period. All transactions were cash transactions 1. Acquired $50,000 of contributed capital from its owners. 2. Paid $10.500 for materials used to produce inventory 3. Paid 8,600 to production workers.33333 4. Paid S4.900 rental fee for production equipment 5. Paid $2.100 to administrative employees MacBook Pro # $ % ^ X Fundamental Managerial Accoux W Document4.docx x + 13/sp/132934332/mi/407136432?cfi=%2F4%2F8 6. Paid $2,900 rental fee for administrative office equipment. 7 Produced 1.200 units of inventory of which 1.100 units were sold at a price of $27 each. Required Prepare an income statement and a balance sheet. Assume the statements are prepared in accordance with GAAP Problem 1-23B Upstream, midstream, and downstream costs Distant Ride. Inc, develops and makes a battery for electrical cars. The manufacturing costs per unit in, clude $450 direct materials, SI80 direct labor and $300 manufacturing overhead. These costs are based on a production and sales volume of 5.000 units per year. Advertising costs amounted to $400,000. Prod. sinirin nets amounted to