The following transactions occu rred during a recent year a. Paid wages of $1,700 for the current period (example). b. Borrowed $8,500 cash from local bank using a short-term note c. Purchased $3,400 of equipment on credit d. Earned $680 of sales revenue; collected cash e. Received $1,360 of utilities services, on credit f. Earned $2,870 of service revenue, on credit g. Paid $510 cash on account to a supplier h. Incurred $115 of travel expenses; paid cash i. Earned $680 of service revenue, collected half in cash, with balance on credit j. Collected $190 cash from customers on account k. Incurred $480 of advertising costs; paid half in cash, with balance on credit Required 1. For each of the transactions, complete the table below, indicating the account, amount, and direction of the effect for increase and - for decrease) of each transaction under the accrual basis. Include revenues and expenses as subcategories of stockholders' equity, as shown for the first transaction, which is provided as an example. Also, determine the company's preliminary net income. (Enter any decreases to account balances with a minus sign.) Stockholders' Equity Salaries and Wages Expense (1,700) Assets Liabilities a. Cash (1,700) ages Expense 2. Determine the company's preliminary net income Preliminary Net Income