The following transactions occurred during a recent year:

Paid wages of $$1,450$ for the current period $($example$).$

Borrowed $$7,250$ cash from local bank using a short$-$term note.

Purchased $$2,900$ of equipment on credit.

Earned $$580$ of sales revenue; collected cash.

Received $$1,160$ of utilities services, on credit.

Earned $$2,450$ of service revenue, on credit.

Paid $$435$ cash on account to a supplier.

Incurred $$100$ of travel expenses; paid cash.

Earned $$580$ of service revenue; collected half in cash, with balance on credit.

Collected $$160$ cash from customers on account.

Incurred $$420$ of advertising costs; paid half in cash, with balance on credit.

Required:

For each of the transactions, complete the following table, 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.

Determine the company$$s preliminary net income.