Question 4 The Loc-Tite Correctional Facility is a private enterprise prison that contracts services to midwestern state. At October 1, the beginning of its fiscal year, the organization had the fol lowing balance sheet Loc-Tite Correctional Facility Balance Sheet at October 1 Assets Cash Supoles Equipment Building Accumulated depreciation Land Total $ 43,725 66,700 350,000 1.400,000 Liabilities and Owners' Equity Accounts payable Bonds payable Owners Investment Retained earnings $ 28,350 450,000 1,050,000 883,575 [100,000) 652,500 $2,411,925 Total $2,411,925 During the month of October, a number of economic events occurred and were entered into the accounting system. At the end of October, the company prepared the following financial statements Loc-Tite Correctional Facility Financial Statements Assos Cash Supplies Equipment Building Accumulated depreciation Land Total Balance Sheet (at Oct. 31) Liabilities and Owners' Equity $ 58,725 Accounts payable $ 28,350 28,200 Bonds payablo 0 350.000 Owners' Investment 1,050,000 1.400,000 Retained earnings 1,302,450 Income Statement for Oct) Revenues $810,000 Expenses Supplies 37.500 Depreciation 8.625 Wages 345,000 (108,625) 662,500 12360,800 Total $250.000 Not Income 1876 Required A Identify the transactions that occurred during October B. Prepare a schedule that explains the changes in the balance during October