3. Delightful deGrom Inc. has the following transactions during the year:

-On 1/3/2021, Issued $110,000 of common stock

-On 5/6/2021, the firm sold $250,000 of goods, all on account to a customer. These goods had cost deGrom $170,000. There are no discounts to consider

On 5/25.2021, the customer paid deGrom everything that was owed.

-On 7/31/2021, the firm borrowed money, signing a 1-year, 4.2%, $190,000 note, and will pay interest and principal on 7/31/2022.

a.Make all the journal entries for 2021 and 2022 for all the above items. Hint: Total of 7 or 8 entries (depending on how you report 7/31/2022)

b. For each journal entry, what is the effect on total assets, liabilities, equity, revenues, expenses, and net income? Give both direction and amount.