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Sunshine Company began operations on January 1, 2020. In its first year, the following transactions occurred: 1. Issued common shares for $332,000 cash. 2. Borrowed $ 54,000 from the bank for a five-year term 3. Purchased equipment for $ 204.000 cash, 4. Purchased supplies, on account, for $5,500 5. Sales on account amounted to $ 121.000, 6. Collected $ 90,000 from customers for services provided. 7. Paid wages of $ 30,500 to employees 8. Paid $ 22,000 for utilities (telephone, electricity, heat, & water). For Sunshine Company, the following adjustments are required prior to them being able to prepare financial statements for the year ended December 31, 2020 1 The tank loan was taken out on January 1"and has an interest rate of 8%. Interest is due January 1M of the following year. 2 The equipment was purchased on January 1"and has an estimated useful life of 10 years and a residual value of $ 10,000. The company uses the straight-line depreciation method. 3. Wapes in the amount of $ 2,000 were owed at year end Question 35 01 55 Analyze the effects of each transaction on the basic accounting equation. (If an amount reduces the account balance then enter with negative sign. Indicate whether it is Revenue, Expense or Dividend Declared in the last column. In case if there is no effect then select "Noe Applicable) Assets Building Inventory Accounts Receivable Trans Cash $ $ 1 $ 2 3. 4 5 6. 7