The following transactions occurred for the Wayne Corporation in March, its first month of operations. The company owns and operates a wholesale warehouse. Issued 48,000 shares of common stock in exchange for $480,000 in cash. Purchased equipment at a cost of $76,000. $19,000 cash was paid and a note payable to the seller was signed for the balance owed. Purchased inventory on account at a cost of $146,000. Credit sales for the month totaled $210,000. The cost of the goods sold was $126,000. Paid $6,500 in rent on the warehouse building for the month of March. Paid $7,150 to an insurance company for fire and liability insurance for a one-year period beginning April. Paid $126,000 on account for the inventory purchased in transaction 3. Collected $94,500 from customers on account. Paid utilities expense of $1,900 for the month. Required: Analyze each transaction and show the effect of each on the accounting equation for Wayne Corporation. The first item is provided as an example. Prepare a preliminary balance sheet and preliminary income statement for Wayne Corporation for March