Brown Limited was formed on January $1,$ Year $1.$ Assume that each of the below events took place on January $1,$ Year $1$ unless otherwise noted.

PART $1$:

Choose the appropriate balance sheet general ledger accounts to record the below transactions as they would appear in the accounting equation. Enter any decreases as negative numbers with the negative sign $(-)($e$.$g$.,-10,000.$ Negative numbers will automatically convert to be within parentheses in the first part of the question. For the Effect on Retained Earnings and Net Income, enter decreases as negative numbers with the negative sign; however they will not show within parentheses. If the Effect on Retained Earnings or Net Income is zero enter $0.$ Do not leave cells blank.

Transaction $1$:

Issued $8,000$ shares of $$4$ par value common stock for $$40,000$ cash.

Account

Amount $($$$)$

$\backslash$table$[[$Transaction $1,$Amount$],[$Effect on Retained Earnings:,$