rrovie IU-CIM MIYU OLULI UI LUDLU YUUU MAHUILUI EU NU SUIU LU IV- Antioch Company makes eBook readers. The company had the following amounts at the beginning of Year 2: Cash. $678,000; Raw Materials Inventory, $65.000; Work in Process Inventory, $32,000: Finished Goods Inventory, 553,000; Common Stock $603,000; and Retained Earnings, $225,000. Antioch experienced the following accounting events during Year 2. Other than the adjusting entries for depreciation, assume that all transactions are cash transactions, 1. Paid $33,000 of research and development costs. 2. Paid $53,000 for raw materials that will be used to make eBook readers. 3. Placed $86,000 of the raw materials cost into the process of manufacturing eBook readers. 4. Paid $79,000 for salaries of selling and administrative employees, 5. Paid $103,000 for wages of production workers. 6. Paid $97.000 to purchase equipment used in selling and administrative offices. 7. Recognized depreciation on the office equipment. The equipment was acquired on January 1, Year 2. It has a $17.000 salvage value and a eight-year life. The amount of depreciation is computed as (Cost - salvage) - useful life). Specifically, ($97,000 - $17,000) - 8 = $10,000 8. Paid $128,000 to purchase manufacturing equipment 9. Recognized depreciation on the manufacturing equipment. The equipment was acquired on January 1, Year 2. It has a $23,000 salvage value and a seven-year life. The amount of depreciation is computed as f(Cost - salvage) - useful life]. Specifically, ($128,000 - $23,000) + 7 = $15,000 10. Paid $60,000 for rent and utility costs on the manufacturing facility 11. Pald $74,000 for inventory holding expenses for completed eBook readers (rental of warehouse space, salaries of warehouse personnel , and other general storage cost) 12. Completed and transferred eBook readers that had total cost of $250,000 from work in process inventory to finished goods. 13. Sold 920 eBook readers for $432,000. 14. It cost Antioch $138,000 to make the eBook readers sold in Event 13 Required: a. Show how these events affect the balance sheet income statement, and statement of cash flows by recording them in a horizontal financial statements model. 0-1. Prepare a schedule of cost of goods manufactured and sold for the year c-2. Prepare a formal income statement for the year. 3. Prepare a balance sheet for the year