The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 1. Issued 30,000 shares of common stock in exchange for $300,000 in cash 2. Purchased equipment at a cost of $40,000 $10,000 cash was paid and a notes payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $90,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $120,000 The cost of the goods sold was $70,000. 5. Paid $5,000 in rent on the warehouse building for the month of March. 6. Paid $6,000 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2021. 7. Paid $70,000 on account for the merchandise purchased in 3 8. Collected $55,000 from customers on account 9. Recorded depreciation expense of $1,000 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 + Paid-In Capital 300,000 Retained Earnings Assets 1 300.000 2 30,000 30,000 3 90,000 90,000 4 50,000 5 (5.000) 6 0 7 (70,000) (70,000) 8. 0 9. (1.000) 50,000 (5,000)