(Solved): Marcus Xavier noticed that mamy small rural towns did not have retail sporting goods outiets. To ad ...

Marcus Xavier noticed that mamy small rural towns did not have retail sporting goods outiets. To address this need, Marcus created Xavier Sporting Goods. The business experlenced the following events during its first year of operation. 1. Acquired $\$74,000$ cash from the issue of common stock. 2. On February 1, Year 1, Xavier Sperting Goods purchased merchandise inventory for 549,000 on account from True Sports Incorperated with terms $5/10,\mathrm{n}/30$ 3. On February 8, Year 1. Xavier Sporting Goods settled the payable with True Sports Incorporated Record the recognition of the discount as 3 a and the payment of the payable as 3 b. Required: Use a horizontal financial stotements model to show how each event affects the bolance sheet, income statement, and statement of cash flows. More specifically, record the amounts of the events into the model. The first transaction is shown as an example. Nete: In the Cash Flew column, use OA to designate operating activity, IA for investment activity, FA for financing activity, and NC for net change in cash. Enter any decreases to account balances and cash outflows with a minus sign. Not all cells require an input - leave cells blank if there is no corresponding input needed.