The Pet Store experienced the following events for the Year 1 accounting period 1 Acquired $95,000 cash from the issue of common stock 2 Purchased $84,000 of inventory on account 3 Received goods purchased in Event 2 FOB shipping point, freight cost of $1,050 paid in cash. 4 Sold inventory on account that cost $42,000 for $79.000 5 Freight cost on the goods sold in Event 4 was $1360. The goods were shipped FOB destination. Cash was paid for the freight cost 6 Customer in Event 4 returned $5,320 worth of goods that had a cost of $2,710 7. Collected $64,780 cash from accounts receivable. 8 Paid $63,200 cash on accounts payable 0 Paid $2.690 tor adertising expense. 10. Paid $4 090 cash for insurance expense Required a. Which of these events affect period (selling and administrative) costs? Which result in product costs? If neither, label the transaction 10 points eeb. Record each event in a horizontal statements model. The first event is recorded as an example in the Cash Flow column use OA to designate operating activity, IA for investment activity, FA for financing activity, NC for net change in cosh, and NA to indicete 4the element is not affected by the event. Enter any decreoses to account belences and cash outflows with a minus sign.) Horizontal Statements Model for Year 1 Print Balance Sheet Income Statement Esense Net Income Stetement of Cash Liabilities Stockholders Equity Revenue Assets AccountsSInventory Events 1 Stock 95,000 95.000 b Cost 7 Coll AF 9Pd exp 10 Pd exp End Bal