The following transactions occurred during March $2024$ for the Right Corporation. The company operates a wholesale warehouse.

Issued $22,000$ shares of no$-$par common stock in exchange for $$220,000$ in cash.

Purchased equipment at a cost of $$24,000.$ Cash of $$6,000$ was paid and a note payable to the seller was signed for the balance

owed.

Purchased inventory on account at a cost of $$68,000.$ The company uses the perpetual inventory system.

Credit sales for the month totaled $$80,000.$ The cost of the goods sold was $$48,000.$

Paid $$3,250$ in rent on the warehouse building for the month of March.

Paid $$5,350$ to an insurance company for fire and liability insurance for a one$-$year period beginning April $1,2024.$

Paid $$48,000$ on account for the inventory purchased in transaction $3.$

Collected $$36,000$ from customers on account.

Recorded depreciation expense of $$600$ for the month on the equipment.

Required:

Analyze each transaction and show the effect of each on the expanded accounting equation for a corporation.

Note: Amounts to be deducted should be indicated by a minus sign. Enter the net change on the accounting equation.

Answer is complete but not entirely correct.