The following transactions occurred during March 2024 for the Right Corporation. The company operates a wholesale warehouse. 1. Issued 58,000 shares of no-par common stock in exchange for $580,000 in cash. 2. Purchased equipment at a cost of $96,000. Cash of $24,000 was paid and a note payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $176,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $260,000. The cost of the goods sold was $156,000. 5. Paid $7,750 in rent on the warehouse building for the month of March. 6. Paid $7,900 to an insurance company for fire and liability insurance for a one-year period beginning April 1,2024. 7. Paid $156,000 on account for the inventory purchased in transaction 3 . 8. Collected $117,000 from customers on account. 9. Recorded depreciation expense of $2,400 for the month on the equipment. Prepare journal entries to record each of the transactions listed above. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. 1 Issued 58,000 shares of no-par common stock in exchange for $580,000 in cash. 2 Purchased equipment at a cost of $96,000. Cash of $24,000 was paid and a note payable to the seller was signed for the balance owed