Raleigh Corporation began operations on February 10, 2018. During 2018, the company entered into the following transactions Issued S110,000 of common stock and $25,000 of preferred stock. Performed services for $580,000. Issued $475,000 in long-term debt for cash. Incurred expenses: $125,000 for wages, $35,000 for supplies, $80,000 for depreciation, and $75,000 for miscellaneous expenses Purchased fixed assets for $250,000 cash. Declared, but did not pay, cash dividends of $10,000. Purchased fixed assets in exchange for a long-term note valued at $85,000. 1. 2. 3. 4. 5. 6. 7. REQUIRED: a. Classify each transaction as either operating, investing, or financing b. Prepare an income statement. c. Compute comprehensive income and compare it to the income reported on the income statement Discuss