Revise your worksheet to the accounting equation and update for the new transaction values below, and then answer the questions that follow. The following transactions took place at a newly formed company: Required: 1. Based on your new values, enter the total of Assets, Liabilities, and Stockholders' Equity: 2. What statement below is true regarding the effect of incorrectly including the issuance of Common Stock in the Retained Earnings column instead of the Asset column? There will no effect as Assets still equal Liabilities plus Stockholder's Equity. Assets and Retained Earnings will be overstated, the accounting equation will be in balance. Assets will be understated and Stockholder's Equity will be overstated. Both Assets and Stockholder's Equity will be understated. 3-a. What would be the amount of total Assets and total Retained Earnings if the payment of dividends weren't made? 3-b. Would the accounting equation still be in balance? Yes No