Can u solve this first pic n correct the second

E2-4 Determining Financial Statement Effects of Sever Transactions (LOI, LO2) The following events occurred for Favants Company a Received $10,000 cash from owners and issued shares to them. b. Borrowed $7.000 cash from a bank and wgned a note due later this year Purchased land for $12,000, paid $1.000 in cash and sgned a note for the $11,000 d Bought and received $800 of equipment on account Purchased $3,000 of equipment, paying $1,000 in cash and charged the rest on account by signing a note payable Required For each of the events through perform transaction analysis and indicate the account amount and direction of the effect (+ for increase and for decrease on the accounting equation. Check that the accounting equation remains in balance after each transaction inter any decreases to account balances with a minus sign) Event Assets Liabilities Shareholders' Equity a b d e E1-4 Completing a Balance Sheet and Inferring Net Income (LO2, LO3) Ken Young and Kim Sherwood organized Reader Direct as a corporation each contributed 566,150 cash to start the business and received 5,400 shares. The store completed its first year of operations on December 31, 2017 On that date, the following financial items for the year were determined cash on hand and in the bank, $55,200; amounts due from customers from sales of books, $36,000, property and equipment, $79,500; amounts owed to publishers for books purchased. $12,200: one-year note payable to a local bank for $9,150. No dividends were declared or paid to the shareholders during the year Required: 1. Complete the balance sheet at December 31, 2017: X Answer is complete but not entirely correct. READER DIRECT Balance Sheet At December 31, 2017 Assets Liabilities ls Cash Accounts receivable Property and equipment OOI 55,200 36,000 79,500 Accounts payable Note payable 12,200 9,150 Total liabilities 21,350 Shareholders' equity X Common shares Retained earnings 132,300 17,050 Total shareholders' equity Total liabilities & shareholders' equity 149,350 $ 170,700 Total assets $ 170,700