Exercise 2-1 Transaction analysis [LO2-1 The following transactions occurred during March 2018 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 1 Issued 40,000 shares of common stock in exchange for $400,000 in cash 2 Purchased equipment at a cost of $60,000 $15,000 cash was paid and a note payable was signed for the balance owed 3. Purchased inventory on account at a cost of $122,000 The company uses the perpetual inventory system 4 Credit sales for the month totaled $170,000. The cost of the goods sold was $102.000 5. Paid $5,500 in rent on the warehouse building for the month of March 6 Paid $6,550 to an Insurance company for fire and sability insurance for a one-year period beginning April 1.2018 7 Paid $102,000 on account for the merchandise purchased in 3 8 Collected $76,500 from customers on account 9. Recorded depreciation expense of $1.500 for the month on the equipment Required: Analyze each transaction and show the effect of each on the accounting equation for a corporation. (Amounts to be deducted be indiceted by a minus sign. Enter the net chenge on the accounting equetion)