1. Issued 38,000 shares of no-par common stock in exchange for $380,000 in cash 2. Purchased...

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1. Issued 38,000 shares of no-par common stock in exchange for $380,000 in cash 2. Purchased new equipment at a cost of $56,000, Cash of $14,000 was paid and a note payable to the seller was signed for the balance owed 3. Purchased Inventory on account at a cost of $116,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $160,000. The cost of the goods sold was $96,000 5. Paid $5,250 in rent on the warehouse building for the month of March. 6. Paid $6,400 to an big insurance company for fire & liability insurance for a 1-year period beginning April 1, 2024. 7. Paid $96,000 on account for the inventory purchased in transaction 3. 8. Collected $72,000 from several customers on account. 9. Recorded depreciation expense of $1,400 for the month on the equipment. Required: Please carefully analyze each of Federal Hill Corporation's transaction and show the effect of each transaction on the expanded accounting equation Note: Amounts to be deducted should be indicated by a minus sign. Enter the net change on the accounting equation. Assets 1 380,000 Liabilities Paid-In Capital 380,000 Retained Earnings . 211 + . 116.000 B 116,000 . 4 B + . 5 (5.250) 5.250 . 6 . 7 (96,000) 96.000 . 4 B 0 W . 9 (1,400) B + 1. Issued 38,000 shares of no-par common stock in exchange for $380,000 in cash 2. Purchased new equipment at a cost of $56,000, Cash of $14,000 was paid and a note payable to the seller was signed for the balance owed 3. Purchased Inventory on account at a cost of $116,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $160,000. The cost of the goods sold was $96,000 5. Paid $5,250 in rent on the warehouse building for the month of March. 6. Paid $6,400 to an big insurance company for fire & liability insurance for a 1-year period beginning April 1, 2024. 7. Paid $96,000 on account for the inventory purchased in transaction 3. 8. Collected $72,000 from several customers on account. 9. Recorded depreciation expense of $1,400 for the month on the equipment. Required: Please carefully analyze each of Federal Hill Corporation's transaction and show the effect of each transaction on the expanded accounting equation Note: Amounts to be deducted should be indicated by a minus sign. Enter the net change on the accounting equation. Assets 1 380,000 Liabilities Paid-In Capital 380,000 Retained Earnings . 211 + . 116.000 B 116,000 . 4 B + . 5 (5.250) 5.250 . 6 . 7 (96,000) 96.000 . 4 B 0 W . 9 (1,400) B +