Synthetic Resins Co paid JPMorgan Chase Bank $59,500 of interest expense, and paid back $450,000 of short-term loan. Based on the Financial Statement Effects Template, what is the transaction's impact on Cash Balance, Earned Capital, and Net Income?

Balance Sheet

Income Statement

Cash Asset

+

Noncash Assets

=

Liabilities

+

Contrib. Capital

+

Earned Capital

Revenue

-

Expenses

=

Net Income

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

Group of answer choices

Cash Asset: -509,500; Earned capital: -59,500; Net Income: -509,500

Cash Asset: -509,500; Earned capital: -509,500; Net Income: -59,500

Cash Asset: -509,500; Earned capital: -59,500; Net Income: -59,500

Cash Asset: -59,500; Earned capital: -509,500; Net Income: -509,500