P2-1 Transactions and financial statement Les Stanley established an insurance agency on July 1, 2045, and completed the following transaction during July Opened busin bank account. In the name. Atanley Tucancelac, with a deposita $60,000 in exchange for common stock. b. Borrowed $100,000 by Lauing a note payable. c. Received cash from foor exrned, 890,000 d. Pald rent an office and equipment for the month, $5,000, e Pald automobile expense for the nionth, $2,500, and nacellaneous expense, 61,000 1. Pald office salaries, 36,500. . Pald Interest on the note payable, 5500. h. Purchased land on a future building site, paying cash of $120,000. Pald dividends, 15,000 Instructions 1. Indiente the effect of each transaction and the balances after ench transaction, using the Integrated financial statement framework 2. Briefly explain why the stockholders investments and revenuan increased sockholders equity, while dividends and expenses decreased stockholders' equlty. 3 Prepare an Income statement and statement of stockholders' equly for July Prepare a balance sheet As of July 21, 2045, 5. Prepare a statement of cash flows for July