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Custom Auto Parts started this year with the followingbalances:

      Cash: $60,000

      Merchandise Inventory: $8,000

      Land: $12,000

      Accounts Payable: $0

      Common Stock: $50,000

      Retained Earnings: $30,000

During the year theyhad the following transactions:

Purchase $60,000 of merchandise inventory on account, terms2/10,n/30.

The goods delivered in Event 1 were delivered FOB shippingpoint. Freight costs of $1,500 were paid in cash by the responsibleparty

Returned $3,000 of goods purchased in Event 1

Paid the balance due on the goods purchased in Event 1 andrecorded the cash discount.

Recognized $59,000 of cash revenue from the sale of merchandiseand recognized $45,000 of cost of goods sold from such sale.

The goods sold in Event 5 were delivered to the customers FOBdestination. Freight costs of $1,400 were paid in cash by theresponsible party.

Paid $9,000 in cash for selling and administrative expenses.

Sold the land for $14,500 in cash.

Using Excel, assuminga perpetual inventory system, record each transaction in thehorizontal statements model.

After completing therecording of the transactions, prepare a multistep incomestatement. Include common size percentages on the incomestatement.

I need help with thispart below!!

Event	Revenue	Capital Gain on Sale of Land	Cost of Goods Sold	Selling and Adminstrative	Transportation-Out		Net Income
1
2
3
4
5
6
7
8
	59000	0	-45000	0		0