The following transactions occurred during March 2024 for the Right Corporation. The company operates a wholesale warehouse. 1. Issued 54,000 shares of no-par common stock in exchange for $540,000 in cash. 2. Purchased equipment at a cost of $88,000. Cash of $22,000 was paid and a note payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $164,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $240.000. The cost of the goods sold was $144,000. 5. Paid $7,250 in rent on the warehouse building for the month of March. 6. Paid $7,600 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2024. 7. Paid $144,000 on account for the inventory purchased in transaction 3. 8. Collected $108,000 from customers on account. 9. Recorded depreciation expense of $2,200 for the month on the equipment. Required: Analyze each transaction and show the effect of each on the expanded accounting equation for a corporation. Note: Amounts to be deducted should be indicated by a minus sign. Enter the net change on the accounting equation. Assets 1. 540,000 2 3. 4. 5 6. 7. 8. 9. => Liabilities + + Paid-In Capital 4 540,000 Retained Earnings + + . + + + + + + + +