Boris, Inc. purchased an inventory item for $400 on February 27, 2004, and paid the bill on March 12. On April 4, Boris sold the item for $625; the customer paid in full on May 15. Use the format presented in the chapter to identify how each of these events would affect Boris’s account balances. What is the net effect of these transactions on Boris’s 2004 income statement? What is the net effect on total assets?