The Furniture Shoppe experienced the following events for the Year 1 accounting period: Acquired $50,000 cash from the issue of common stock. Purchased $72,000 of inventory on account. Received goods purchased in Event 2 FOB shipping point; freight cost of $1,720 paid in cash. Sold inventory on account that cost $56,000 for $107,000. Freight cost on the goods sold in Event 4 was $1,080. The goods were shipped FOB destination. Cash was paid for the freight cost. Customer in Event 4 returned $4,480 worth of goods that had a cost of $2,290. Collected $87,740 cash from accounts receivable. Paid $68,000 cash on accounts payable. Paid $3,450 for advertising expense. Paid 3400 for insurance. 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.