The following events were completed by Dana's Imports in September, Year 1 : Sept. 1 Acquired $50,00 cash from the issue of conmon stock. 1 Purchased $28,9 of merchandise on account with terms 2/10,n/3. 5 Paid $600 cash for freight to obtain merchandise purchased on september 1. 8 Sold merchandise that cost $15,000 to customers for $31,000 on account, with teres 2/10, n/30. 8 Returned $600 of defective merchandise from the september 1 purchase to the supplier. 10 Paid cash for the balance due on the merchandise purchased on septesber 1. 20 Received cash from customers of september 8 sale in settlement of the account balances, but not within the discount period. 38 Pald 32,450 cash for selling expenses. Required a. Record each event in a statements model like the following one, In the Cash Flow column, use OA to designate operating activity, IA for investment activity. FA for financing activity, or NC for net change in cash. If the element is not affected by the event, leave the cell blank. The first event is recorded as on example. b. Prepare an income statement for the manth ending September 30 c. Prepare a statement of cash flows for the month ending September 30. Complete this question by entering your answers in the tabs below. Pecord each event in a statements model like the following one. In the Cash Flow column, use OA to designate operating activity, IA change in cash. If the element is not affected by the event, leave the cell blank. The first event is recorded as an example, (Not cyery and cosh outflows vith a minus sign.) DANA'S IMPORTS EHect of Transactions on Financial Statements Using Horizontal Statements Model Prepare an income statement for the month ending September 30. Prepare a statement of cash flows for the month ending September 30. (Cash outflows should be indicated with a minus sign.) Gasit livws num upeiaury acuviues \begin{tabular}{|l|l|l|} \hline & & \\ \hline & & \\ \hline & & \\ \hline Net cash flow from operating activities & & \\ \hline Cash flows from investing activities: & & \\ \hline Cash flows from financing activities: & & \\ \hline & & \\ \hline Net cash flow from financing activities & & \\ \hline Net change in cash & & \\ \hline & & \\ \hline Ending cash balance & & \\ \hline \end{tabular}