Solomon Manufacturing Company experienced the following accounting events during its first year of operation. With the exception of the adjusting entries for depreciation, assume that all transactions are cash transactions and that financial statement data are prepared in accordance with GAAP. 1. Acquired $50,000 cash by issuing common stock. 2. Paid $7,800 for the materials used to make its products, all of which were started and completed during the year. 3. Paid salaries of $4,000 to selling and administrative employees. 4. Paid wages of $6,500 to production workers. 5. Paid $7,300 for furniture used in selling and administrative offices. The furniture was acquired on January 1 . It had a $1,900 estimated salvage value and a three-year useful life. 6. Paid $9,500 for manufacturing equipment. The equipment was acquired on January 1 . It had a $1,700 estimated salvage value and a two-year useful ife. 7. Sold inventory to customers for $25,600 that had cost $13,900 to make