Determine the effects of the following transactions on Current assets, Current liabilities, and Working Capital. Write Inc" for an Increase, "Dec" for a Decrease, or "NE" if there is No Effect. Write your answers in the blanks provided. 1. Sale of merchandise on account Current Assets 2. Acquired shares of ABS CBN for cash 3. Pays the long-term debt of P150,000 4. Sells old machine for P10,000 cash 5. Issued shares of stock to cash investors 6. Declared cash dividends 7. Payment of advance rentals (asset method). 8. One year loan from a bank 9. Issued shares of stock to pay short term loan 10. Collection of receivables 11. Cash redemption of bonded debt 12. Six months interest received in advance (liability method is used) 13. Issued stock dividends 14. Payment of cash dividends declared in #6 15. Sells equipment for P50,000; P30,000 Cash, balance received one year note Current Liabilities Working Capital