Problem 1-8A Analyzing effects of transactions Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations. a. Lita Lopez invested $70.000 cash and office equipment valued at $10,000 in the company in exchange for its common stock. b. The company purchased an office suite for $40,000 cash. c. The company purchased office equipment for $15,000 cash. d. The company purchased $1,200 of office supplies and $1,700 of office equipment on credit. e. The company paid a local newspaper $500 cash for printing an announcement of the office's opening. f. The company completed a financial plan for a client and billed that client $2.800 for the service. g. The company designed a financial plan for another client and immediately collected a $4,000 cash fee. h. The company paid $3.275 cash in dividends to the owner (sole shareholder) i. The company received $1,800 cash as partial payment from the client described in transaction f j. The company made a partial payment of $700 cash on the equipment purchased in transaction d C4 P1 P2 A1 Check (1) Ending balonces: k. The company paid $1,800 cash for the office secretary's wages for this period. Cash, $14,525. Expenses, $2.300, Accounts Payable $2.200 Required 1. Create the following table similar to the one in Exhibit 1.9. Assets Liabilities+ Equity Cash +Accounts+ Office + Office +Office Accounts +CommonDividends+RevenuesExpenses Receivable Supplies Equipment Suite Payable Stock Use additions and subtractions within the table to show the dollar effects of each transaction on l vidual items of the accounting equation. Show new balances after each transaction. (2) Net income $4,500 2. Determine the company's net income