The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. -32 1. Issued 42,000 shares of non-par common stock in exchange for $420,000 in cash. 2. Purchased equipment at a cost of $64,000. $16,000 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 $128,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $180,000. The cost of the goods sold was $108,000. 5. Paid $5,750 in rent on the warehouse building for the month of March 6. Paid $6,700 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2021. 7. Paid $108,000 on account for the merchandise purchased in 3. 8. Collected $81,000 from customers on account. 9. Recorded depreciation expense of $1,600 for the month on the equipment. transaction/event, select "No Prepare journal entries to record each of the transactions listed above. (If no entry is required for journal entry required" in the first account field.) View transaction list Journal entry worksheet Issued 47 000 shares of common stock in exchange for $420,000 in cash