The following is a list of account balances for Pick-A-Pet, Inc., as of June 30, Year 3: Accounts Payable Accounts Receivable Cash Common Stock Equipment Logo and Trademarks Long-term Notes Payable Retained Earnings Software $ 350,400 68,000 733,100 663,600 58,600 421,800 269,000 118,000 119,500 The company entered into the following transactions during July, Year 3. Stockholders contribute $310,000 cash for additional ownership shares and the company borrows $155,000 in cash from a bank to buy new equipment by signing a formal agreement to repay the loan in 2 years. No other transactions took place during July, Year 3. Required: a. Prepare a classified balance sheet for the company at June 30, Year 3. b. Show the effects of the July transactions on the basic accounting equation. c. Prepare the journal entries that would be used to record the transactions. PICK-A-PETS, INC. Balance Sheet At June 30, Year 3 Assets Current Assets Accounts Receivable S 68.000 Cash 733, 100 Total Current Assets 801,100 Equipment 58,600 421,800 Logo and Trademarks Software 119,500 Total Assets $1,401,000 T-III:-L:1:4 -I- LIJ Cquipment 30.000 Logo and Trademarks 421,800 Software 119.500 Total Assets $1,401,000 0 Total Liabilities and Stockholders' Equity Accounts Payable Notes Receivable (long-term) x x 359,400 269,000 628,400 Total Current Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 663,600 118,000 781,600 $1,410,000