Q1: The following transactions occurred during March 2018 for the Wainwright Corporation. The company owns and operates a wholesale warchouse. [These are the same transactions analyzed in Fxercise 2-1, when we determined their effect on elements of the accounting equation.] 1. Issued 30,000 shares of capital 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. The company uses the perpetual inventory system. 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 onc-year period beginning April 1, 2018. 7. Paid $70,000 on account for the merchandise purchased in 3 . 8. Collected $55,000 from customers on account. 9. Recorded depreciation expense of $1.000 for the month on the equipment. Required: Prepare income statement and balance sheet for 2018