1. Issued 28,000 shares of common stock in exchange for $280,000 in cash. 2. Purchased equipment at a cost of $36,000. $9,000 cash was paid and a notes payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $86,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $110,000. The cost of the goods sold was $66,000. 5. Paid $4,000 in rent on the warehouse building for the month of March. 6. Paid $5,800 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2021. 7. Paid $66,000 on account for the merchandise purchased in 3. 8. Collected $49,500 from customers on account. 9. Recorded depreciation expense of $900 for the month on the equipment. Required: Analyze each transaction and show the effect of each on the accounting equation for a corporation. (Amounts to be deducted should be indicated by a minus sign. Enter the net change on the accounting equation.) Liabilities Retained Earnings Assets 280,000 Paid-In Capital 280,000 1. 2. 3. 4. This is a numeric cell, so please enter numbers only. 5. 6. 7. 8. 9