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: Beginning Balances Account Titles Cash Inventory Common Stock Retained Earnings $ 6,130 3,130 7,410 1,850 The following events affected the company during the Year 2 accounting period: 1. Purchased merchandise on account that cost $4,120. 2. The goods in Event 1 were purchased FOB shipping point with transportation cost of $220 cash. 3. Returned $425 of damaged merchandise. 4. Agreed to keep other damaged merchandise for which the company received a $285 allowance. 5. Sold merchandise that cost $2,630 for $4,770 cash. 6. Delivered merchandise to customers in Event 5 under terms FOB destination with transportation costs amounting t $100 cash. 7. Paid $2,990 on the merchandise purchased in Event 1. uired: ganize appropriate accounts under an accounting equation. Record the beginning balances and the transaction data in unts. In the last column of the table, provide appropriate input neededs for the Retained Earnings amounts. e: Enter any decreases to account balances with a minus sign. Not all cells in the "Accounts Titles for Retained Enl require an input leave cells blank if there is no corresponding Retained Earnings input needed.