Leida Cruz, a recent law school graduate, was penniless on December 25, 20X0. 1. On December 26, Cruz inherited an enormous sum of money. 2. On December 27, she placed $60,000 in a business checking account for her unincorporated law practice. 3. On December 28, she purchased a home for a down payment of $120,000 plus a home mortgage payable of $230,000. 4. On December 28, Cruz agreed to rent a law office. She provided a $1,000 cash damage deposit (from her business cash), which will be fully refundable when she vacates the premises. This deposit is a business asset. She will make rental payments in advance on the first business day of each month. (The first payment of $700 is not to be made until January 2, 20X1.) 5. On December 28, Cruz purchased a computer for her law practice for $2,000 cash, plus a $3,000 promissory note due in 90 days. 6. On December 28, she purchased legal supplies for $1,000 on open account. 7. On December 28, Cruz purchased office furniture for her practice for $4,000 cash. 8. On December 29, Cruz hired a legal assistant receptionist for $380 per week. She was to report to work on January 2. 9. On December 30, Cruz's law practice lent $3,000 cash in return for a 1-year note from Sam Whitman, a local candy store owner. Whitman had indicated that he would spread the news about the new lawyer. Begin by entering the effect, if any, of events 1. through 3. into the balance sheet equation below. Then enter the effect, if any, of events 4. through 6. Next, enter the effect of events 7. through 9. And, lastly, calculate the ending balance of each account. (For any event that does not affect the accounts of Ellie Nocco's business, leave that transaction line blank. Enter decreases with a minus sign or parentheses and leave any unused cells blank.) Assets = Liabilities + Owners' Equity Rental Legal Note supplies Office Note Accounts Nocco, damage deposit Cash + receivable + + on hand + Computer + furniture = payable + payable + Capital 1. + + + + + 11 + + 2. + + + + + + 3. + + + + + 4. + + + + II + + 5. + + + + 11 + + 6. + + + + + 7. + + + + + + + 8. + + + + 9. + + + + + + Bal + + + + Requirement 2. Prepare a balance sheet as of December 31, 20X0. Begin by preparing the assets section, then complete the balance sheet by preparing the liabilities and owners' equity section of the statement. (Leave any unused cells blank.)