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A company borrows 515 milion from its bank. It then uses this money to buy equipment. How does this transaction affect the accounting equation? Assets and Liabilities both rise 515 million Assets and Stockholders Equity both fall 515 million Assets abilities and Stockholders Equity are unchanged. Stockholders Equity rises 515 million and Liabilities fall 515 million 1 points XYZ corporation had a beginning balance in its retained earnings account of $385.600. During the year, the company declared and paid a $4.700 dividend, and at the end of th it reported retained earnines of 5399.860. The company's net income for the year was $14,260 $18.960 59.560 None of these The following are transactions for Atlas Corporation (a financial consulting firm. for the month of June 2019: June 1 purchased supplies for $5,000 on account June 10 purchased land for $100.000 and paid the full amount in cash June 15 provided services for $150,000 on account June 17 paid wages for the month of May totaling $30,000 June 20 paid the amount owed to the supplier from the June 1st transaction june 28 paid utilities for the month of june in the amount of $15,000 June 29 paid rent for the month of June in the amount of $25,000 The journal entry on June 28th includes debit utilities payable for $15,000 credit utilities expense for 515,000 O debit cash for 515.000 O credit cash for 15.000 none of the above The purpose of a statement of retained earnings is to: estimate the current value of a company's assets. report how the profits of a company have been distributed to stockholders on O show where the money is flowing into and out of a company. O explain the specific revenues and expenses arising during the period