Cullumber Company started business on January 1, 2024. The following transactions occurred in 2024: 1. On January 1 , the company issued 10,200 common shares for $255,000. 2. On January 2 , the company borrowed $54,700 from the bank. 3. On January 3, the company purchased land and a building for a total of $200,000 cash. The land was recently appraised at a fair market value of $60,000. (Note: Because the building will be depreciated in the future and the land will not, these two assets should be recorded in separate accounts.) 4. Inventory costing $132,000 was purchased on account. 5. Sales to customers totalled $214,500. Of these, $174,500 were sales on account. 6. The cost of the inventory that was sold to customers in transaction 5 was $122,300. 7. Payments to suppliers on account totalled $119,500. 8. Collections from customers on account totalled $153,500. 9. Payments to employees for wages were $57,800. In addition, there was $2,500 of unpaid wages at year end. 10. The interest on the bank loan was recognized for the year. The interest rate on the loan was 6%. 11. The building was estimated to have a useful life of 30 years and a residual value of $20,000. The company uses the straightline method of depreciation. 12. The company declared dividends of $7,300 on December 15, 2024, to be paid on January 15, 2025 . Revenue/Expense/ Retained Earnings Dividend Declared $ Analyze the effects of each transaction on the basic accounting equation. (Enter amounts that decrease account balance using either a negative sign preceding the number e.g. -45 or