Welb Manufacturing experienced the ollowing events during its first accounting period 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. Paid cash to purchase raw materials that were used to make products 5. Paid wages to production workers 6. Paid salaries to administrative staff 7. Recognized depreciation on manufacturing equipment 8. Recognized depreclation on office furniture Use the following horizontal financial statements model to show how each event affects the GAAP-based balance sheet and statement indicate whether the event increasesdecreases (D, or has no effect 0eave the cell blank) 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 (Indicete whether the item is an operating ectivity (OAL investing activity (IAL, or financing activity (FA). If an element wes not offected by the event, leave the cell blank) Prev 6 8 Use the following hortzontal financial statements model to show how each event affects the GAAP-based balance sheet and income statement. Indicate whether the event rcreases decreases ( or has no effed eave the cel blank) 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 (Indicete whether the inem is en opereting activity (OAL, investing activity Al or financing activity (FA). If an element wes not effected by the event, leave the cell bienk UJ