1-35 Analysis of Transactions Use the format of Exhibit 1-2 (p. 12) to analyze the following transactions for April of Marymount Services, Inc. Then prepare a balance sheet as of April 30, 20X1. Marymount Services was founded on April 1. 1. Issued 1,000 shares of common stock for cash, $60,000; use a single Paid-in-Capital account. 2. Issued 500 shares of common stock for equipment, $20,000 3. Borrowed cash, signing a note payable for $35,000 4. Purchased equipment for cash, $33,000 5. Purchased office furniture on account, $10,000 6. Disbursed cash on account (to reduce the account payable), $4,000 7. Sold equipment for cash, $8,000, an amount equal to its cost 8. Discovered that the most prominent competitor in the area was bankrupt and was closing its doors on April 30