3. During the period, $57,000 in salaries is paid, $18,000 of inventory is used, $15,000 of depreciation of equipment is recorded and $10,000 of building depreciation is recognized, show the effects of these transactions on the balance sheet. Additional transactions: pay off $50,000 of the short term note, purchase additional equipment for $60,000 in cash and receive $5,000 in rent, show the effects on the balance sheet. 5. Prepare an income statement and balance sheet for this organization. Did the organization make or lose money from operations? T-accounts Assets Liabilities Cash (debit) (credit) AJP (debit) (credit) $500,000 1 | | $200,000 1 AIR ST Note $250,000 | $100,000 Inventory LT Debt $250,000 | $700,000 Equipment $350,000 Fund Balance Equity (debit) credit) Buildings $900,000 3. During the period, $57,000 in salaries is paid, $18,000 of inventory is used, $15,000 of depreciation of equipment is recorded and $10,000 of building depreciation is recognized, show the effects of these transactions on the balance sheet. Additional transactions: pay off $50,000 of the short term note, purchase additional equipment for $60,000 in cash and receive $5,000 in rent, show the effects on the balance sheet. 5. Prepare an income statement and balance sheet for this organization. Did the organization make or lose money from operations? T-accounts Assets Liabilities Cash (debit) (credit) AJP (debit) (credit) $500,000 1 | | $200,000 1 AIR ST Note $250,000 | $100,000 Inventory LT Debt $250,000 | $700,000 Equipment $350,000 Fund Balance Equity (debit) credit) Buildings $900,000