During 2014, Comstock Company entered into the following transactions. 1. Purchased equipment for $286,176 cash. 2. Issued common stock to investors for $137,590 cash. 3. Purchased inventory of $68,480 on account.

Using the following tabular analysis, show the effect of each transaction on the accounting equation. Put explanations for changes to Stockholders’ Equity in the right-hand margin.

For Retained Earnings, use separate columns for Revenues, Expenses, and Dividends if necessary. Use Illustration 3-3 (page 110) as a model.

Assets 5 Liabilities 1 Stockholders’ Equity Accounts Common Retained Cash 1 Inventory 1 Equipment 5 Payable 1 Stock 1 Earnings AppendixLO1