Stockholders contribute $10,700 cash to a company in exchange for common stock. The company purchases $5,350 of new equipment in exchange for its promise to pay $5,350 at the end of next month. - The company pays $3,070 to suppliers on account. Required: a. Show the effect of these transactions on the basic accounting equation. b. Prepare the journal entries that would be used to record the transactions. Complete this question by entering your answers in the tabs below. Required A Required B Show the effect of these transactions on the basic accounting equation. (Enter any decreases to account balance with a minus sign) Transaction Analysis Liabilities Stockholders' Equity