Uan watson started a small merchandisng Dusness in Year 1. I ne experienced the following events during its first year of operation. Watson uses the perpetual inventory system. 1. Acquired $32,000 cash from the issue of common stock. 2. Purchased inventory for $25,600 cash. 3. Sold inventory costing $16,600 for $31,500 cash. Required a. Record the events in a horizontal statement model. In the Cash F OA to designate operating activity, IA for investment activity, FA f activity, or NC for net change in cash. If the element is not affecte leave the cell blank. Complete this question by entering your answers in the tabs below. Prepare an income statement for Year 1 (use the multistep format). Complete this question by entering your answers in the tabs below. What is the amount of total assets at the end of the period