Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations. a. Lita Lopez invested $66,000 cash and equipment valued at $38,000 in the company in exchange for its common stock. b. The company purchased a building for $44,000 cash. c. The company purchased equipment for $5,900 cash. d. The company purchased $3,600 of supplies and $1,600 of equipment on credit. e. The company paid $810 cash for advertising expenses. f. The company completed a financial plan for a client and billed that client $4,900 for the service. g. The company designed a financial plan for another client and immediately collected a $8,500 cash fee. h. The company paid $1,100 cash in dividends to the owner (sole shareholder). i. The company received $3,900 cash as partial payment from the client described in transaction f. j. The company made a partial payment of $800 cash on the equipment purchased in transaction d. k. The company paid $1,600 cash for the secretary's wages for this period. Required: 1. Enter the amount of each transaction on individual items of the accounting equation. 2. Determine the company's net income. Required 1 Required 2 Enter the amount of each transaction on individual items of the accounting equation. (Reductions in account balances should be indicated with a minus sign.) Equity Assets Liabilities Cash + Accounts Receivable + Supplies + Equipment + Building = Accounts Payable + Common Stock Dividends + Revenues + + + + + a. + b. + + + + = + + Balance after a and b + + + + = + + C. + + + + = + + Balance after c + + + + = + + d. + + + + = + + Balance after d + + + + = + + e. + + + + = + + Balance after e + + + + = + + f. + + + + = + + Balance after f + + + + = + + g. + + + + = + + Balance after g + + + + = + + h. + + + + = + + Balance after h + + + + = + + i. + + + + = + + Balance after i + + + + = + + j. + + + + = + + Balance after j + + + + = + + k. + + + + Balance after k + + + + = + + + + Required 1 Required 2 > I Expenses Required 1 Required 2 Determine the company's net income. Net income < Required 1 Required 2 >