Analyze each transaction to determine the impact to the balance sheet and the income statement (assuming cash basis of accounting). Do not consider the future implications. See first row presented below for an example:

Balance Sheet Income Statement Item Increase (Decrease) Assets Increase Increase (Decrease) Liabilities Increase Increase (Decrease) Revenue None Increase (Decrease) Expense None Acquisition of Property with loan Acquisition Costs paid Property taxes paid Depreciation expense recorded Rental income received Receipt of parking income New loan received Sale of Property for cash Repayment of loan Negotiation of purchase agreement Interest paid