Record transactions in the attached financial statement template (Case 1). Prepare a March income statement and a balance sheet as of the end of March for AnniFoods, Inc. I have attached the transactions (S Penman).

MGT 5070 Case #1 Problem P2-45 Name: Balance Sheet Transaction Cash Assets + Noncash Assets Income Statement Balance Contributed = Liabilities + + Capital Earned Capital Check Sheet Revenues - Expenses = Net Income 1 Received $100,000 cash for common stock and borrowed $55,000 cash $0 + $0 = $0 + $0 + $0 In Balance $0 - $0 = $0 2 Purchased $50,000 of equipment, for $10,000 cash and $40,000 note payable $0 + $0 = $0 + $0 + $0 In Balance $0 - $0 = $0 3 Purchased $80,000 of inventory for cash $0 + $0 = $0 + $0 + $0 In Balance $0 - $0 = $0 4a Sold Inventory for $60,000 cash and $40,000 on credit, cost of inventory $70,000 $0 + $0 = $0 + $0 + $0 In Balance $0 - $0 = $0 4b (Sale in part a, COGS in part b) $0 + $0 = $0 + $0 + $0 In Balance $0 - $0 = $0 5 Paid $10,000 cash for future advertising time $0 + $0 = $0 + $0 + $0 In Balance $0 - $0 = $0 6 $7,500 of advertising time in transaction 5 is aired $0 + $0 = $0 + $0 + $0 In Balance $0 - $0 = $0 7 Employees paid $17,000 cash in wages $0 + $0 = $0 + $0 + $0 In Balance $0 - $0 = $0 8 Employees earn $1,000 in wages not yet paid $0 + $0 = $0 + $0 + $0 In Balance $0 - $0 = $0 9 Record depreciation of $2,000 on equipment $0 + $0 = $0 + $0 + $0 In Balance $0 - $0 = $0 Ending Balances $0 + $0 = $0 + $0 + $0 In Balance $0 - $0 = $0