Sefcik Company began operations on the first of October. Following are the transactions for its first month of business.

$1.$ S$.$ Sefcik launched Sefcik Company and invested $$100,000$ into the business in exchange for common stock. The company also borrowed $$200,000$ from a local bank.

$2.$ Sefcik Company purchased equipment for $$190,000$ cash and inventory of $$80,000$ on credit $($the company still owes its suppliers for the inventory at month$$end$).$

$3.$ Sefcik Company sold inventory costing $$60,000$ for $$100,000$ cash.

$4.$ Sefcik Company paid $$24,000$ cash for wages owed employees for October work.

$5.$ Sefcik Company paid interest on the bank loan of $$2,000$ cash.

$6.$ Sefcik Company recorded $$1,000$ of depreciation expense related to its equipment.

$7.$ Sefcik Company paid a dividend of $$4,000$ cash.

a$.$ Record the effects of each transaction using the financial statement effects template. b$.$ Prepare the income statement and balance sheet at the end of October.

Note: Do not use a negative sign with your answers.