Federal Hill Corporation had the following transactions occurred during March 2024. Federal Hill Corporation operates a...

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Federal Hill Corporation had the following transactions occurred during March 2024. Federal Hill Corporation operates a wholesale warehouse in Baltimore. 1. Issued 34,000 shares of no-par common stock in exchange for $340,000 in cash. 2. Purchased new equipment at a cost of $48,000. Cash of $12,000 was paid and a note payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $104,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $140,000. The cost of the goods sold was $84,000. 5. Paid $4,500 in rent on the warehouse building for the month of March. 6. Paid $6,100 to an big insurance company for fire & liability insurance for a 1-year period beginning April 1, 2024. 7. Paid $84,000 on account for the inventory purchased in transaction 3. 8. Collected $63,000 from several customers on account. 9. Recorded depreciation expense of $1,200 for the month on the equipment. Required: Please carefully analyze each of Federal Hill Corporation's transaction and show the effect of each transaction on the expanded accounting equation. Note: Amounts to be deducted should be indicated by a minus sign. Enter the net change on the accounting equation. Assets Liabilities 1. 340,000 + + Paid-In Capital + 340,000 Retained Earnings + 2. + + 3. + + 4. + + 5. + + 6. + + 7. + 8. . + + 9. + . Federal Hill Corporation had the following transactions occurred during March 2024. Federal Hill Corporation operates a wholesale warehouse in Baltimore. 1. Issued 34,000 shares of no-par common stock in exchange for $340,000 in cash. 2. Purchased new equipment at a cost of $48,000. Cash of $12,000 was paid and a note payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $104,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $140,000. The cost of the goods sold was $84,000. 5. Paid $4,500 in rent on the warehouse building for the month of March. 6. Paid $6,100 to an big insurance company for fire & liability insurance for a 1-year period beginning April 1, 2024. 7. Paid $84,000 on account for the inventory purchased in transaction 3. 8. Collected $63,000 from several customers on account. 9. Recorded depreciation expense of $1,200 for the month on the equipment. Required: Please carefully analyze each of Federal Hill Corporation's transaction and show the effect of each transaction on the expanded accounting equation. Note: Amounts to be deducted should be indicated by a minus sign. Enter the net change on the accounting equation. Assets Liabilities 1. 340,000 + + Paid-In Capital + 340,000 Retained Earnings + 2. + + 3. + + 4. + + 5. + + 6. + + 7. + 8. . + + 9. + .