The Widget Company is a manufacturing concern, making hi tech assemblies for the Navy During 2016, they experienced the following transactions 1. Sold $500,000 of widget assemblies to the Navy. The Navy is a slow payer and they did not collect - yet. 2. Determined that the widgets sold had an inventory cost of $250,000 3. Puchased $100,00 of additional widget components from their supply chaln. Will pay in the future 4, Collected $450,00 from the Navy for Transaction #1 and $100,000 on prior receivables 5. Paid cash for operating expenses of $80,000 6. Paid suppliers $200,000 for amounts due to them. 7. On Dec 31st, accrued $25,000 in salaries due employees for work performed in December. t will be paid in January Required Using the below horizontal financial model, show the efffects on the financial statements of the above transactions. The opening balance sheet is populated and posted on the first line below Total the columns at the completion of al entries. This will create the values for the yearend balance sheet and the income statement for the period Extra Credit 2 pts Prepare a yearend (12/31) balance sheet and 2016 income statement in proper format ASSETS LIABILITIES OWNERS EQUITY INCOME STMT Event No Cash +Acct Rec InventoryAccts Payable + Salarles Pay Cmn Stk+ Ret Earnveue Cost of Oper Net -Goods- Expense# Income Opening $400,000 +$250,000 $350,000 $150,000$0 300,000 $550,000 Sold 4 TOTAL