Current Attempt in Progress Blossom Company started business on January 1, 2024. The following transactions occurred in 2024: 1. On January 1, the company issued 10,100 common shares for $252,500. 2. On January 2, the company borrowed $54,600 from the bank. 3. On January 3, the company purchased land and a building for a total of $190,000 cash. The land was recently appraised at a fair market value of $57,000. (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 $228,000. Of these, $175,000 were sales on account. 6. The cost of the inventory that was sold to customers in transaction 5 was $121,900. 7. Payments to suppliers on account totalled $123,000. 8. Collections from customers on account totalled $156,000. 9. Payments to employees for wages were $58,900. In addition, there was $1,800 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 $19,000. The company uses the straight-line method of depreciation. 12. The company declared dividends of $7,400 on December 15, 2024, to be paid on January 15, 2025. 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 parentheses e.g. (45). Indicate whether it is Revenues, Expenses or Dividends declared in the last column. In case if there is no effect then select "Not Applicable".) Assets Liabilities Shareholders' Equity Trans. Cash Accounts Receivable Inventory Buildings Land Accounts Payable Wages Payable Interest Payable Dividends Payable Loan Payable Common Shares Retained Earnings Revenue/Expense/ Dividend Declared 1. $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount select an option 2. enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount select an option 3. enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount select an option 4. enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount select an option 5. enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount select an option 6. enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount select an option 7. enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount select an option 8. enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount select an option 9. enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount select an option 10. enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount select an option 11. enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount select an option 12. enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount select an option Total $enter a total amount $enter a total amount $enter a total amount $enter a total amount $enter a total amount $enter a total amount $enter a total amount $enter a total amount $enter a total amount $enter a total amount $enter a total amount $enter a total amount eTextbook and Media List of Accounts Prepare a statement of income for 2024. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Blossom Company Statement of Income choose the accounting period select an opening name for section one enter an income statement item $enter a dollar amount select an opening name for section two enter an income statement item $enter a dollar amount enter an income statement item enter a dollar amount enter an income statement item enter a dollar amount enter an income statement item enter a dollar amount select a closing name for section two enter a total amount for section two select a closing name for this statement $enter a total net income or loss amount eTextbook and Media List of Accounts Save for Later Attempts: 0 of 1 usedSubmit Answer