The following transactions occurred during March 2024 for the Wainwright Corporation. The company owns and operates a wholesale: Warehouse 1. Issued 38,000 shares of common stock in exchange for $380,000 in 'cast. 2. Purchased equipment at a cost of $56,000,$18,000 cash was paid and a note payable to the seller was signed for the balance owed 3. Purchased inventory on account at a cost of $106,000. The company uses the perpetual inventory system. 4. Ciedit sales for the month totaled $128,000. The cost of the goods sold was $78,000. 5. Paid $5,800 in rent on the warehouse building for the month of March 6. Paid $6,800 to an insurance company for fire and lability insurance for a one-year period beginning Apeil 1, 2024 7 Paid $78,000 on account for the merchandise purchased in 3 . 8. Collected $63,000 from customers on account. 9. Recorded depreciation expense of $1,800 for the month on the equipment. Required: 1. Analyze each transaction by indicating the cash effect and classify edch as a financing. investing, andior operating activity la transaction can represent more than one type of activity) 2. Prepare a statement of cash flows, using the direct method to present cash flows from operating activities. Assume the cash balance at the beginning of the month was $48,000. Analyze each transaction by indicating the cash effect and classify each as a financing, investing, and/or operating activity (a) transaction can represent more than one type of activity). Note: Amounts to be deducted should be inclicated with a minus sign. If there is no cash nifect, loave cell blanks. WAINWRIGHT CORPORATION Statement of Cash Howis For the Mionth Ended March 31, 202 . Cash flows from operating activities: \begin{tabular}{|l|l|l|} \hline & & \\ \hline Net cash flows from operating activities & & \\ \hline Cash flows from investing activities: & & \\ \hline Net cash flows from investing activities & \\ \hline Cash flows from financing activities: & \\ \hline & \\ \hline Net cash flows from financing activities & \\ \hline Net increase in cash & \\ \hline Cash and cash equivalents, March 1 & \\ \hline Cash and cash equivalents, March 31 & \\ \hline Noncash investing and financing activities: \\ \hline Cost of equipment & \\ \hline Cash paid & \\ \hline Note issued & \\ \hline \end{tabular} Required 1