The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. owed 1. Issued 56,000 shares of common stock in exchange for $560,000 in cash. 2. Purchased equipment at a cost of $92,000 $23,000 cash was paid and a notes payable to the seller was signed for the balance 3. Purchased inventory on account at a cost of $170,000. The company uses the perpetual inventory system 4. Credit sales for the month totaled $250,000. The cost of the goods sold was $150,000 5. Paid $7,500 in rent on the warehouse building for the month of March 6. Paid $7,750 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2021. 7. Paid $150,000 on account for the merchandise purchased in 3. 8. Collected $112,500 from customers on account. 9. Recorded depreciation expense of $2,300 for the month on the equipment. Required: Analyze each transaction and show the effect of each on the accounting equation for a corporation (Amounts to be deducted should be indicated by a minus sign. Enter the net change on the accounting equation.) Liabilities Retained Earnings Assets 560,000 Paid-In Capital 560,000 69.000 170,000 170,000 1 2 3 4 5 6. 7 8 Prey 1 of 7 H Next >