The Szakos Company Engaged in the Following Transactions During the Current

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The Szakos Company engaged in the following transactions during the current year:
Acquired $50,000 of cash by issuing common stock to ownersPaid $10,000 to acquire manufacturing equipmentPaid $5,000 cash for materials used in productionPaid $2,000 for wages of production workersPaid $8,000 in general, selling, and administrative costsRecognized $1,000 of depreciation on the manufacturing equipmentSold inventory for $18,000 cashThe cost of the inventory sold was $6,500Required:Show the balance sheet and income statement effects of the transactions by completing the financial statement model provided.