During 2022, Pharoah Company entered into the following transactions.

1.Purchased equipment for $284,370 cash.2.Issued common stock to investors for $136,980 cash.3.Purchased inventory of $71,620 on account.

Using the following tabular analysis, show the effect of each transaction on the accounting equation.(If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 3-4 for example.)

Assets

=Liabilities

+Stockholders' Equity

Cash+Inventory+Equipment=Accounts Payable+Common Stock+Retained Earnings

(1)

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(2)

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(3)

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