The following transactions occurred during March 2024 for the Right Corporation. The company operates a wholesale warehouse. 1. Issued 34,000 shares of no-par common stock in exchange for $340,000 in cash. 2. Purchased equipment at a cost of $48,000. Cash of $12,000 was paid and a note payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $104,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $140,000. The cost of the goods sold was $84,000. 5. Paid $4,500 in rent on the warehouse building for the month of March. 6. Paid $6,100 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2024. 7. Paid $84,000 on account for the inventory purchased in transaction 3. 8. Collected $63,000 from customers on account. 9. Recorded depreciation expense of $1,200 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. Assets Liabilities + Paid-In Capital + 1. 340,000 = + 340,000 + 2. 36,000 = 36,000 + + 3. 104,000 104,000 + + 4. + + 5. 4,500 4,500 + + 6. = + + 7. = + + + + 8. 9. + + Retained Earnings