The following transactions occurred during March 2024 for the Right Corporation. The company operates a wholesale warehouse. 1. Issued 20,000 shares of no-par common stock in exchange for $200,000 in cash. 2. Purchased equipment at a cost of $20,000. Cash of $5,000 was paid and a note payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $62,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $70,000. The cost of the goods sold was $42,000. 5. Paid $3,000 in rent on the warehouse building for the month of March. 6. Paid $5,200 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2024. 7. Paid $42,000 on account for the inventory purchased in transaction 3. 8. Collected $31,500 from customers on account. 9. Recorded depreciation expense of $500 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 not complete. Assets Liabilities Paid-In Capital Retained Earnings 1. 200,000 + 200,000 2. 15,000 = 15,000 + + 3. 62,000 = 62,000 + + 4. = + + 5. (3,000) = + + 6. = + + 7. (42,000) = + + 8. = + + 9. = + +