P2-1A Lisa Lane operates and is the major stockholder of an interior design studio called Lane Designers, Inc. The following amounts summarize the financial position of the business on April 30, 2010 ASSETS CASH + = LIABILITIES STOCKHOLDER'S EOUITY ACCOUNTS RECIEIVABLE + SUPPLIES + LAND-ACCOUNTS + COMMON + RETAINED PAYABLE STOCKEARNINGS Ba. 1,7202,240 24,1005,400 10,000 12,660 During May 2010, the business completed these transactions a. Lisa Lane received $42,000 as a gift and deposited the cash in the business banlk account. The business issued common stock to lane b. Paid $1,400 on accounts payable c. Performed services for a client and received cash of $4,100 d. Collected cash from a customer on accounts, $750 e. Purchased supplies on account, $720 f. Consulted on the interior design of a major office building and billed the client for services rendered, $5,000 g. Recorded the following expenses for the month: (1) paid office rent $1,200; (2) paid advertising $660 h. Declared and paid a cash dividend of $2,400 Required: Analyze the effects of the preceding transactions on the accounting equation of Lane Designers, Indc