Exercise 2-1 (Algo) Transaction analysis (LO2-1] The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a v warehouse 1. Issued 52,000 shares of common stock in exchange for $520,000 in cash. 2. Purchased equipment at a cost of $84,000 $21,000 cash was paid and a notes payable to the seller was signed for the bal owed 3. Purchased inventory on account at a cost of $158,000. The company uses the perpetual inventory system 4. Credit sales for the month totaled $230,000. The cost of the goods sold was $138,000 5. Paid 57,000 in rent on the warehouse building for the month of March 6. Paid $7450 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2021 7. Paid $138,000 on account for the merchandise purchased in 3. 8. Collected $103,500 from customers on account 9. Recorded depreciation expense of 52100 for the month on the equipment. 5 Required: Analyze each transaction and show the effect of each on the accounting equation for a corporation. (Amounts to be deducted s be indicated by a minus sign. Enter the net change on the accounting equation.) Assets 520,000 Liabilities . 1 Paid In Capital 520,000 Retained Earnings 2 3 4 5 6 7 8 9