Check owed. 1. Issued 38,000 shares of common stock in exchange for $380,000 in cash. 2. Purchased equipment at a cost of $56,000. $14,000 cash was paid and a notes payable to the seller was signed for the balance 3. Purchased inventory on account at a cost of $116,000. The company uses the perpetual inventory system 4. Credit sales for the month totaled $160,000. The cost of the goods sold was $96,000. 5. Paid $5,250 in rent on the warehouse building for the month of March 6. Paid $6.400 to an insurance company for fire and liability insurance for a one-year perlod beginning April 1, 2021 7. Paid $96,000 on account for the merchandise purchased in 3. 8. Collected $72,000 from customers on account 9. Recorded depreciation expense of $1,400 for the month on the equipment Required: Analyze each transaction and show the effect of each on the accounting equation for a corporation. (Amounts to be deducted should be indicated by a minus sign. Enter the net change on the accounting equation) Liabilities Retained Earnings Paid-in Capital 380,000 42,000 116,000 1. 2 3. 4. 5. 6. Assets 380,000 42,000 116,000 64,000 (5,250) 0 (95,000) 0 (1,400) 64,000 (5,250) (96.000) 7 8 9