what is the net income and stockholders' equity?

Brief Exercise 6-24 (Static) Determine financial statement effects Of inventory purchases and sales (L065) Shankar Comparv,' uses a perpetual to record transactions The company purchases inventory on account on February 2 for S40,OOO and then Sells this inventory on account on March 17 for $60,000. Required: (a) Determine the financial Statement effects for the purchase Of inventory on account (b) Determine the statement effects for the Sale Of inventory on account. Complete by in tabs the effects for the of (Amunts to dedted srwuld be with min sign.) 60.0000 60,000 0 40,000' Idory 40,000 Cot o' Coors Sold Required b