Stuart 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 $57,000 cash by Issuing common stock 2. Paid $7.900 for the materials used to make its products, all of which were started and completed during the year. 3. Pald salaries of $3.400 to selling and administrative employees. 4, Paid wages of $6.400 to production workers. 5. Pald $6.700 for furniture used in se ng and administrative offices. The furniture was acquired on January 1. It had a $1.500 estimated salvage value and a four-year useful life. 6. Paid $7,800 for manufacturing equipment. The equipment was acquired on January 1 It had a $1, 500 estimated Savage value and a two-year useful fe. 7. Sold inventory to customers for $25,100 that had cost $13.400 to make. Required Indicate how these events would affect the balance sheet and income statement by recording them in a horizontal financial statements model as indicated here. The first event is recorded as an example (Enter any decreases to account balances with a minus sign. In the Cash Flow column, indicate whether the item is an operating activity (OA), Investing activity (IA), financing activity (FA), or leave the cell blank if there is no effect.) Financial Statements Model Assets Equity Manut, Office Commor Ret Event Cash - Inventory Equip. * Furn."stock Ear. 1 67.000 + = 57,000+ Income Statement Row Fyn Net Inc. Cash flow 57.000FA + + + + + + Total 57,000+ g 0 = 57.000 0 0 - 0 = 0 57.000