Required information [The following information applies to the questions displayed below.] The beginning account balances for Terry's Auto Shop as of January 1, Year 2, follow: {:[" Account Titles "," Beginning "],[" Cash "," Balances "],[" Inventory ",$6","160],[" Common Stock ",3","030],[" Retained Earnings ",7","400]:} The following events affected the company during the Year 2 accounting period: Purchased merchandise on account that cost $4,160. The goods in Event 1 were purchased FOB shipping point with transportation cost of $245 cash. Returned $440 of damaged merchandise. Agreed to keep other damaged merchandise for which the company received a $210 allowance. Sold merchandise that cost $2,720 for $4,890 cash. Delivered merchandise to customers in Eve