Points: 0 of 20 Save Candy Washington opens a research services business near a college campus She names the corporation Washington Research Inc. During the first month of operations, April 2020, the business engages in these transactions (Click the icon to view the transactions.) Requirements 1. Analyze the preceding transactions in terms of their effects on the accounting equation of Washington Research Inc 2. Prepare the income statement, statement of retained earnings, and balance sheet of Washington Research Inc. after recording the transactions. Indicate the relationships within the statements that link them together Requirement 1. Analyze the preceding transactions in terms of their effects on the accounting equation of Washington Research Inc. (Use parentheses or a minus sign for numbers to be subtracted. If a box is not used in the table, leave the box empty; do not select a label or enter a zero. Enter the transactions in the same order as they appear in the transaction list.) Type of Shareholders Equity Transaction Assets Liabilities Shareholders' Equity Office Accounts N Common Retained Cash + Supplies + Land Payable Shares + Earnings (b X Transactions a. Washington Research Inc. issues common shares to Candy Washington, who invests $26,000 to open the business b The company purchases, on account, office supplies costing $310. C. Washington Research Inc. pays cash of $17,000 to acquire a lot near the campus. The company intends to use the land as a building site for a business office d. Washington Research Inc. performs services for clients and receives cash of $2,600 Washington Research Inc. pays $80 on the account payable from transaction (b) f Candy Washington pays $1,500 in personal funds for a vacation. g Washington Research Inc. pays cash expenses for office rent ($370) and utilities ($85) h. The business sells a small parcel of the land it purchased for its cost of $6,500 The business declares and pays a cash dividend of $700. Print Done