a. Lita Lopez invested $70,000 cash and equipment valued at $10,000 in the company in exchange for its common stock b. The company purchased a building for $40,000 cash c. The company purchased equipment for $15,000 cash. d. The company purchased $1,200 of supplies and $1,700 of equipment on credit e. The company paid $500 cash for advertising expenses f. The company completed a financial plan for a client and billed that client $2,800 for the service. g. The company designed a financial plan for another client and immediately collected a $4,000 cash fee. h. The company paid $3.275 cash in dividends to the owner (sole shareholder L. The company received $1,800 cash as partial paymerit from the client described in transaction The company made a partial payment of $700 cash on the equipment purchased in transaction d k. The company paid $1,800 cash for the secretary's wages for this period Required: 1. Enter the amount of each transaction on individual items of the accounting equation. 2. Determine the company's net income. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Enter the amount of each transaction on individual items of the accounting equation. (Reductions in account balances should be indicated with a minus sign.) Cash Accounts Receivable Assets Supplies $ 70.000 (40,000) Equipment 10,000 Building Liabilities Accounts Payable Equity Commge Stock 80.000 Dividends Revenues Expenses . Balance after a and b 30.000- 01. 10.000+ 40.000 40,000- 10+ 80.000- 01. 0 (15.000) . 15,000+ Balance after c 15.000- 0+ 0. 25.000- 40.000- 0+ 80.000- 01+ 0 . 1.200. 1,700 Balance after d 15.000+ 01- 1,200+ 20.700 + 40.000- 2,000+ 2.000. 00.000 0- (500). . (500) Balance after e 14.500+ 0. 1.200. 20,700. 40.000- 2,000+ 80.000 0+ (500) 2.000- . 2.800 Balance after f 14.500+ 2.800+ 1.200. 20.700+ 40.000- 2.900. 80.000- 2.000- (500) 10 4,000 + 4,000- Balance aer g 18.500 2.800. 1.200 20,700+ 40.000- 2.000+ 80,000 0+ 0.000- (500) . . . Balance after h Balance ateri 13.500- 1.000 20.300- (700) - 2.000 1.200 20.700 40,000- 2.000 80.000- 3.275+ 3.275 6.800 (500) . . 2.800 1.200. 20.700- 40.000- 2.900 80.000- 1.275+ 6.000 (500) + Balance after 19.000+ 2.800+ 1.200+ 20.700 40,000 2.000- 80.000- 3.275 0.000 (500) (1.800)+ + (1.800) Balance aher k $ 17.800+ $ 2,000+ $ 1,200+ $ 20.700- $ 40.000- 3 2.000. 3 80,000 $ 3.275- S 800 $ (2.300)