The Fumiture Shoppe experienced the following events for the Year 1 accounting period: 1. Acquired $65,000 cash from the issue of common stock 2. Purchased $74,500 of inventory on account. 3. Received goods purchased in Event 2 FOB shipping point, freight cost of $1,670 paid in cash. 4. Sold inventory on account that cost $33,000 for $61,000. 5. Freight cost on the goods sold in Event 4 was $1,220. The goods were shipped FOB destination. Cash was paid for the freight cost 6. Customer in Event 4 returned $5,480 worth of goods that had a cost of $2,790. 7. Collected $50,020 cash from accounts receivable. 8. Paid $54,200 cash on accounts payable. 9. Paid $3,420 for advertising expense. o. Paid $3,350 cash for insurance expense. Required a. Record the above events in a horizontal statement model. If the element is not affected by the event, leave the cell blank. The first event is recorded as an example