Welb Manufacturing experienced the following events during Its first accounting perlod: 1. Recognized revenue from cash sale of products. 2. Recognized cost of goods sold from sale referenced in Event 1 3. Acquired cash by issuing common stock 4. Pald cash to purchase raw materials that were used to make products. 5. Paid wages to production workers 6 Pald salaries to administrative staff. 7. Recognized depreciation on manufacturing equipment 8. Recognized depreciation on office furniture Required Use the following horizontal financial statements model to show how each event affects the GAAP-based balance sheet and income statement. Indicate whether the event increases (), decreases (D), or has no effect (NA) on each element of the financial statements. The first transaction has been recorded as an example. Show accumulated depreciation as a decrease in the book value of the appropriate asset account. Assets Income Statement vent Cash InventoryEquip. Office StK Manu Furn Com. + Ret Rev. - Exp. # Net Inc. NA + INA INA NA NA 2. 3. 5. 6. B