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Fruity Farms was incorporated as a private company on January 1, 2017. The company's accounts included the following at January 31, 2017: Accounts Payable Building Bank Overdraft Contributed Capital Equipment $ 20,000 50,000 9,000 75,000 47,000 Land Notes Payable, due 2019 Retained Earnings Supplies $100,000 22,000 74,000 3,000 During the month of February, the company had the following activities: a. Paid a dividend to shareholders of $15,000. b. Repaid $10,000 cash to a local bank. c. Issued 500 shares for $50,000 cash. d. Purchased equipment for $30,000, paying $3,000 in cash and signing a note due in six months for the balance. e. Purchased supplies for $3,000 on account. Required: 1. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances with a minus sign.) Transaction Assets Liabilities Dividends Accounts payable Note payable Shareholders' Equity Common shares Retained earnings 74,000 Cash Equipment Cash Supplies (15,000) (10,000) 50,000 30,000 (3,000) 3.0001 3. Summarize the journal entry effects from requirement 2 using T-accounts. Cash Supplies Beg. bal. Beg. bal. End. bal. End. bal. Building Equipment Beg. bal. Beg. bal. End. bal. End. bal. Land Accounts Payable Beg. bal. Beg. bal. End. bal. End. bal. Note Payable Contributed Capital Beg. bal. Beg. bal. End. bal. End. bal. Retained Earnings Beg. bal. End. bal. 4. Prepare a classified balance sheet at February 28, 2017 FRUITY FARMS Balance Sheet At February 28, 2017 Assets Liabilities Current assets Current liabilities Total current assets 0 Total current liabilities 0 Total liabilities Shareholders' equity Total shareholders' equity 0 Total liabilities & shareholders' equity Total assets | $ $ 0