Required information Exerclse 4-16A (Algo) Effect of seles returns end ellowences and frelght costs on the journal, leclger, and flnenclal stetements: Perpetual system LO 4.2, 4.4, 4.6, 4.7 [The following information applies to the questions displayed below.] Powell Company began the Year 2 accounting perlod with $19,600 cash, $61,400 inventory, $49,400 common stock, and $31,600 retained earnings. During Year 2 . Powell experlenced the following events: 1. Sold merchandlse that cost $37,500 for $75,100 on account to Prentise Furniture Store. 2. Dellvered the goods to Prentise under terms FOB destination. Frelght costs were $310 cash. 3. Recelved returned goods from Prentlse. The goods cost Powell $2000 and were sold to Prentse for $3,970. 4. Granted Prentise a $1,170 allowance for damaged goods that Prentlse agreed to keep. 5. Collected partlal payment of $53,300 cash from accounts recelvable. Exerclse 4.16A (Algo) Part b Required b. Post the beginning balances and journal entrles to the T-accounts. Required c. Prepare a multistep income statement, a balance sheet, and a statement of cash flows. Complete this question by entering your answers in the tabs below. Prepare a multistep income statement. Required c. Prepare a multistep income statement, a balance sheet, and a statement of cash flows. Complete this question by entering your answers in the tabs below. Prepare a balance sheet. Required c. Prepare a multistep income statement, a balance sheet, and a statement of cash flows. Complete this question by entering your answers in the tabs below. Prepare an statement of cash flows. (Cash outflows should be indicated with a minus sign.)