Dan watson started a small merchandising business in 2018. the business experienced the following events during its operation. assume that watson uses the perpetual inventory system.1 acquired $32.500 cash from the issue of common stock. 2 purchased inventory for $26,000 cash. 3. sold inventory costing $17100 for $29,000 cashrequired: a. record these transactions in a financial statements model, assuming green uses the fifo cost flow assumption and keeps perpetual records. (in the cash flow column, use the initials oa to designate operating activity, ia for investing activity, fa for financing activity, and nc for net change in cash. b. prepare an income statement for 2018. c. what is the amount of total assets at the end of the period?