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Examine the financial statements effects template below. Then select the answer that best describes the transaction. Balance Sheet Cash Asset + Noncash Assets = Liabilities + Contrib. Capital + (240) 1,200 960 Income Statement Earned Capital Revenues Expenses Net Income Select one: a. None of these are correct b. Purchase $1,200 of equipment on account C. Repay accounts payable of $240, net d. Purchase inventory of $1,200 partially on account e. Record accounts receivable of $1,200 and cash collected of $240