The following events pertain to Jefferson Hardware Store. Jefferson uses the perpetual inventory method. Jefferson Hardware was started on January 1, 2015 when it acquired S5,000 cash by issuing common stock. The store paid $4, 500 cash to purchase inventory. Jefferson sold for $6,000 cash inventory that cost $3, 500. During 2015, the store paid $2,000 cash for operating expenses. Purchased land for $1,000 during the year. Sold the land later during 2015 for $1, 700. Required Record the events using the horizontal financial statements model. Prepare a formal income statement and a balance sheet