5. The January 1 balance sheet of the Marvin company , an unincorporated business , is as follows: MARVIN COMPANY Balance sheet as of January 01, 2015 Assets Liabilities Cash $25,000 Accounts payable $20,000 Inventory 50,000 Capital 55,000 Retained earnings Total assets m Total liabilities and equity m The following transactions took place in January 2015: Jan. 4 Merchandise was sold for $12,000 cash that had cost $7,000. 5 To increase inventory, Marvin placed an order with star company for merchandise that would cost $2,000. 0 Marvin received the merchandise ordered from star and agreed to pay the $7,000 in 30 days. 11 Merchandise costing $1,500 was sold for $2,500 in cash. 16 Merchandise costing $2,000 was sold for $3,400 on 30day open account. 26 Marvin paid employees for the month $4,200 in cash. 25" Purchased land for $20,000 in cash. 31 Marvin purchased a twoyear insurance policy for $2,800 in cash. Required: Describe the impact of each transaction on the balance sheet, and prepare a new balance sheet as of January 31, 2015