Exercise 2-1 (Algo) Transaction analysis [LO2-1] The following transactions occurred during March 2024 for the Right Corporation. The company operates a wholesale warehouse. 1. Issued 24,000 shares of no-par common stock in exchange for $240,000 in cash. 2. Purchased equipment at a cost of $28,000. Cash of $7,000 was paid and a note payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $74,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $90,000. The cost of the goods sold was $54,000. 5. Paid $3,500 in rent on the warehouse building for the month of March. 6. Paid $5,500 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2024. 7. Paid $54,000 on account for the inventory purchased in transaction 3. 8. Collected $40,500 from customers on account. 9. Recorded depreciation expense of $700 for the month on the equipment. Required: Analyze each transaction and show the effect of each on the expanded accounting equation for a corporation. Note: Amounts to be deducted should be indicated by a minus sign. Enter the net change on the accounting equation.