1. Issued 32,000 shares of common stock in exchange for $320,000 in cash 2. Purchased equipment at a cost of $44,000. $11,000 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 $98,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $130,000. The cost of the goods sold was $78,000 | 5. Paid $4,250 in rent on the warehouse building for the month of March 6. Paid $5.950 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2021 7. Paid $78,000 on account for the merchandise purchased in 3. 8. Collected $58,500 from customers on account 9. Recorded depreciation expense of $1,100 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 + Pald-In Capital + Retained Earnings Assets 320.000 320.000