Exercise: Seoudi Co. for trading (a trader of vehicles spare parts) commenced business with a start-up cash of $1,000,000, on January 1, 2016. The following transactions took place during the first month: Jan. 1 Jan. 2 Jan. 3 Jan. 4 Jan. 7 Jan. 8 Jan. 20 Jan. 31 Jan. 31 Purchased a land with a cost of $500,000, of which $300,000 was paid in cash and a 2- years note was issued for the remaining balance. Purchased the building located on the land with a cost of $200,000. Paid $100,000 in cash and issued 11 months note for $100,000. Rented a selling outlet for $10,000 per month and paid for the first 3 months. Bought finished goods inventory for $50,000 on credit Paid $20,000 for the advertisement published in the newspaper on January 6 Sold inventory costing $20,000 for $70,000 in cash. Received $30,000 cash from a client to sell him goods on January 28. The cost of goods was $10,000 and delivery was made on the agreed upon date. Paid $50,000 for administrative salaries. Purchased office furniture for $20,000, and office equipment for $40,000 and paid the full amount in cash. Required: Show the effect of the above transactions on the balance sheet and multiple steps income statement.