Fruity Farms was incorporated as a private company on January 1, 2017. The company's accounts included the following at January 31 2017 Accounts Payable Building Bank Overdraft Contributed Capital Equipment 20,000 Land $100,000 22,000 74,000 3,000 50,000 9,000 75,000 47,000 Notes Payable, due 2019 Retained Earnings Supplies During the month of February, the company had the following activities a. Paid a dividend to shareholders of $15,000 b. Repaid $10,000 cash to a local bank C. Issued 500 shares for $50,000 cash d. Purchased equipment for $30,000, paying $3,000 in cash and signing a note due in six months for the balance e. Purchased supplies for $3,000 on account. Required 1. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances with a minus sign.) Transaction Assets Liabilities Shareholders' Equity (15,000Accounts payable ividends ash ash quipment ash mon shares (10,000) 50,000 30,000 (3,000) 74,000 ote payable etained earnings . 2. Record the transaction effects determined in requirement 1 using a journal entry format. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit Cash 50,000 a. Common shares 50,000 Cash 2 b. Notes payable 3. Summarize the journal entry effects from requirement 2 using T-accounts Cash Supplies Beg. bal. Beg. bal. End. bal. End. bal. Building Equipment Beg. bal. Beg. bal. End. bal. bal. End. Accounts Payable Land Beg. bal. Beg. bal. End. bal End. bal. Note Payable Contributed Capital Beg. bal. Beg. bal. End. bal. End. bal Retained Earnings Beg. bal. End. bal