Revenue/ Expense/ Net Assets Liabilities Equity Income Gain Loss: 1. NE NE NE NE NE NE 11. NE NE NE III. NE NE NE IV. +80,000 NE V. NE NE -20,000 -20,000 +80,000 +80,000 NE NE +80,000 NE +100,000 NE +100,000 NE +80,000 +80,000 Match the effect that the event below would have on Cathy Company's Income Statement and Balance Sheet. Choose (I), (II), (III), (IV), or (V) from the grid. For example, if the transaction were "Paid $20,000 due on accounts payable," the correct answer would be (III) because there is no effect on revenue, expense, and net income; a $20,000 decrease in assets and liabilities; and no effect on equity. Event: The Company had their land appraised. The land that originally cost $20,000 was appraised to have a current market value of $100,000. OIV OI COV Cathy Company purchased equipment at a cost of $500,000 in January 2018. As of January 1, 2021, depreciation of $120,000 had been recorded on this asset. Depreciation expense for 2021 is $30,000. After the adjustments are recorded and posted at December 31, 2021, what are the balances for Equipment and Accumulated Depreciation? Equipment Accumulated Depreciation $120,000 $30,000 Equipment Accumulated Depreciation $350,000 $0 Equipment Accumulated Depreciation $500,000 $150,000 Equipment Accumulated Depreciation $380,000 $30,000 Equipment Accumulated Depreciation $500,000 $30,000 On April 2, Cathy Company received and paid a $900 bill for utilities used in March. In addition to this bill, the company paid $8,100 during April for expenses incurred in that month. On May 4, Cathy Company paid $6,000 payroll to employees for work done in April. Based on these facts, total expenses for the month of April were: $15,000 $9,000 $14,100 $8,100