Section B--Financial Statement Impact of Liability Transaction Analyze the effect of the following transactions below using the following code: I: Increase D: Decrease NE: No Effect Assets Liabilities Owners' Equity Net Income Transaction som 1. Purchased inventory for $80,000 on account (assume perpetual system is used). 2. Recorded cash sales of $75,000, which includes 7% sales tax. 3. Accrued accumulated vacation pay. 4. A contingent loss on a lawsuit that the probability of loss is remote