The following transactions occurred for the Wayne Corporation in March, its first month of operations. The company owns and operates a wholesale warehouse. 1. Issued 30,000 shares of common stock in exchange for $300,000 in cash. 2. Purchased equipment at a cost of $40,000. $10,000 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 $90,000. 4. Credit sales for the month totaled $120,000. The cost of the goods sold was $70,000. 5. Paid $5,000 in rent on the warehouse building for the month of March. 6. Paid $6,000 to an insurance company for fire and liability insurance for a one-year period beginning in April. 7. Paid $70,000 on account for the merchandise purchased in transaction 3. 8. Collected $55,000 from customers on account. 9. Paid utilities expense of $1,000 for the month. Required: 1. Analyze each transaction and show the effect of each on the accounting equation for Wayne Corporation. The first item is provided as an example. 2. Prepare a preliminary balance sheet and preliminary income statement for Wayne Corporation for March. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Analyze each transaction and show the effect of each on the accounting equation for Wayne Corporation. The first item is provided as an example. Note: Decreases to account classifications should be indicated by a minus sign. Enter the net change on the accounting equation. Assets 1. 300,000 = Stockholder's = Liabilities + Equity + 300,000 2. = + 3. = + 4. = + 5. = + 6. = + 7. + 8. = + 9. = +