The transactions listed below apply to Bates Company for its first year in business. Assume that all transactions involve the receipt or payment of cash. Transactions for Year 1: 1. Issued common stock to investors for $25,000 cash 2. Borrowed $18,000 from the local bank 3. Provided services to customers for $28,000 cash 4. Paid expenses amounting to $21,400 5. Purchased a plot of land for $22,000 cash 6. Paid a dividend of $15,000 to its stockholders 7. Repaid $12,000 of the loan listed in number 2 Required: o. Fill in the headings to the accounting equation shown below. b. Show the effects of the above transactions on the accounting equation. Note: Enter any decreases to occount balences and cash outflows with a minus sign. Leave cells blank if no Input is needed