Selected transactions for Sunland Corporation during September 2018, its first month in business, are presented below: Sept. 1 Issued common shares in exchange for $20,000 cash. 2 Paid $1,600 cash for rent for the month of September 5 Purchased equipment for $10,800, paying $2,200 in cash and the balance on account. 8 Earned $7,500 in revenue, receiving $1,100 cash and $6,400 on account of services provided. 12 Incurred $400 in advertising expense on account. 20 Paid $2,800 for repairs and maintenance expenses. 25 Paid $5,000 cash on balance owed for equipment. 27 Incurred and paid income taxes for the month amounting to $700. 30 Declared and paid a $600 cash dividend. Assets Liabilities + Shareholders'Equity Retained Earnings Cash Accounts Receivable 4 Equipment Accounts Payable Common Shares Revenues Expenses Dividends Declar Sept. 1 Sept. 2 Sept. 5 Sept. 8 Sept. 12 Sept. 20 Sept 25 Sept. 27 Sept. 30