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Prepare a preliminary income statement for Wayne Corporation. The following transactions occurred for the Wayne Corporation in March, its first month of operations. The company owns and operates a wholesale warehouse. 1. Issued 30,000 shares of common stock in exchange for $300,000 in cash. 2. Purchased equipment at a cost of $40,000. $10,000 cash was paid and a note payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $90,000. 4. Credit sales for the month totaled $120,000. The cost of the goods sold was $70,000. 5. Paid $5,000 in rent on the warehouse building for the month of March. 6. Paid $6,000 to an insurance company for fire and liability insurance for a one-year period beginning in April. 7. Paid $70,000 on account for the merchandise purchased in transaction 3. 8. Collected $55,000 from customers on account. 9. Paid utilities expense of $1,000 for the month. Required: 1. Analyze each transaction and show the effect of each on the accounting equation for Wayne Corporation. The first item is provided as an example. 2. Prepare a preliminary balance sheet and preliminary income statement for Wayne Corporation for March. Complete this question by entering your answers in the tabs below. Analyze each transaction and show the effect of each on the accounting equation for Wayne Corporation. The first item is provided as an example. Note: Decreases to account classifications should be indicated by a minus sign. Enter the net change on the accounting equation. Prepare a preliminary balance sheet for Wayne Corporation