Exercise: Initial Company Objectives: 1. Analyze a company's transactions, and record the impacts to the different components of the accounting equation 'Initial Co.' is a consulting company, owned by Ian Tial, specialized in providing legal and accounting services to other companies. It started operations in January 2020, with the following operations: a. Ian deposited $3,000 in a business checking account as a first investment in his company. b. Ian purchased office equipment for $600 cash. c. Ian bought a car for his business for $10,000 with a loan from a bank. d. Ian bought supplies for the business in cash for $90. e. Ian prepaid liability insurance for the business for $450 for a 6-month period in cash. f. Ian transferred a personal computer to the business, worth $700. g. Ian withdrew $300 from the business account for his own expenses. h. He paid the first installment of his car loan for $500. Tasks: 1) Analysis, recording and summary: Analyze each of the transactions; understand what happened, determine the accounts that get impacted, how and how much they get impacted, and what the resulting accounting equation is after each transaction. 2) Please use the accounts that you have in the presentation on Chapter 2. Use the format: ASSETS LIABILITIES OWNERS' EQUITY Accounts Cash Trans. # Trans. #