Corporation on INU RetainedType RE Stock Earnings Transaction $2,100 $11,200 Accounts Accounts So Cash Receivable Supplies Furn Now 1 6,600 $$,200 800 $1,400 $700so During the month of November events a. through k., as described in problem 1B-6, occurred. Required: Show the effects of transactions a. through k. on the fundamental accounting equation. Use a format similar to the example provided in this section. Indicate specific information about the type of transaction next to each event that modifies retained earnings. (Note: you do not need the answers to IB-6 in order to do this problem.) LEAH Inc. purchases a parcel of land for $100,000. Sometime later a freeway is built near the property. According to many experts the freeway increases the value of the land to $7,000,000. Reguired 1. What would be the value of LEAH's property according to an accountant using US GAAP? 2. What would be the value of LEAH's property according to an accountant using mark-to-market? 3. Explain the difference between historical cost and current cost. Chapter 1 Section B