2) Record the business transactions listed below and prepare a P\&L and Balance sheet (use the grid format) (Year one of the Compnay) a) The Company issued $200,000 of common stock for cash. b) The Company borrowed $125,000 cash from the Bank. c) The Company purchased equipment for cash of $165,000 d) The Company purchased Inventory on 30 day credit terms for $90,000 e) The Company had sales revenue to customers of $180,000 on account f) The Company paid cash for salary expense to employees of $70,000 g) The Company had cost of product expense of $60,000. The product was taken from Inventory h) The Company paid a cash dividend of $12,000 i) The Company paid cash for Insurance expense for the period of $8,000 j) The Company collected $140,000 in cash from transaction e above. Problem 4-23A (Algo) Identifying freight costs LO 4-4 Required For each of the following events, determine the amount of freight paid by The Box Company. Also indicate whether the freight cost would be classified as a product or period (selling and administrative) cost. (Select "NA" if there is no effect.) a. Purchased merchandise with freight costs of $1,600. The merchandise was shipped FOB shipping point. b. Shipped merchandise to customers, freight terms FOB shipping point. The freight costs were $500. c. Purchased inventory with freight costs of $700. The goods were shipped FOB destination. d. Sold merchandise to a customer. Freight costs were $1,000. The goods were shipped FOB destination