The analysis of the transactions in which Krannig Leasing Corporation engaged duringits first month of operations follows. The company buys equipment that it leases out to earn rev-enue. The owners of the business made only one investment to start the business and received nodividends from Krannig Leasing.

Required1. Describe each transaction.2. If these transactions fully describe the operations of Krannig Leasing during the month, whatwas the amount of net income or net loss?

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Accounts Lease Cash + Receivable + Equipment Accounts Common Retained Payable+ Stock + Earnings +50,000 a. +50,000 b. +100,000 +100,000 C. 750 750 d. + 150 -150 C. - 1,000 + 3,600 g- +500 h. -10,000 - 10,000 1,000 + 3,600 + 500