Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2 for $40,000 and then sells this inventory on account on March 17 for $60,000. Required: (a) Determine the financial statement effects for the purchase of inventory on account. (b) Determine the financial statement effects for the sale of inventory on account. Complete this question by entering your answers in the tabs below. Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2 for $40,000 and then sells this inventory on account on March 17 for $60,000. Required: (a) Determine the financial statement effects for the purchase of inventory on account. (b) Determine the financial statement effects for the sale of inventory on account. Complete this question by entering your answers in the tabs below