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E3-5 (Algo) Determining Financial Statement Effects of Various Transactions LO3-4 Wolverine World Wide, Incorporated, dosigns, markets, and licenses casust, industrial, pertcrmance outdeor, and athletic foetwear and apparel under a variety of brand names, such as Hush Puppies, Wolverine, Merrell, Sperty, and Saucony, to a giobal market. The following transactions occurted during a recent year. Dollars are in millions. a. Issued common stock to investors for $21.4 cash (example) b. Purchased $1,6316 of additjonal inventory on account. c. Paid \$37.1 on long-term debt principal and \$2.6 in interest on the debe. d. Sold $2,345 of products to customers on account. e. Cost of the products sold was $1,401.6. f. Paid cash dividends of $30 to shareholders. 9. Purchased for cash $36.4 in addisional property, plant, and equipment. h. Incurted $715.6 in selling expenses, paying three-fourths in cash and owing the rest on account. L. Earned $1 of interest on imvestments, recolving 80 percent in cash. j. Incurred $27 in interest expense to be paid at the beginning of next year. Required: For each of the transactions, complete the tabulation, indicating the effect fpostive value for increase, negative value for decrease, and leave blank if no effect) of each transaction. (Pemembor that Assets = Liablities + Stockholders' Equity; Revenues - Expenses = Net Income; and Net income affects Stockholders' Equity through Retained Carnings) The first transaction is provided as an example Note: Enter the increasing and decreasing effect of the tramaction on separate lines in the table. Do not net the effects on Assets. Stochholders' Equity or Net Income. Enter your answers in milions rather than in dollars (for easmple, 22.4 million should be entered as 22,4 rather than 22,400,000 )