The transactions relating to the formation of Blue Co. Stores, Inc., and its first month of operations follow. a. The firm was organized and the stockholders invested cash of $7,800. b. The firm borrowed $6,000 from the bank; a short-term note was signed. c. Display cases and other store equipment costing $1,600 were purchased for cash. The original list price of the equipment was $1,970, but a discount was received because the seller was having a sale. d. A store location was rented, and $1,300 was paid for the first month's rent. e. Inventory of $14,900 was purchased; $8,600 cash was paid to the suppliers, and the balance will be paid within 60 days. f. During the first week of operations, merchandise that had cost $5,000 was sold for $5,900 cash. g. A newspaper ad costing $120 was arranged for; it ran during the second week of the store's operations. The ad will be paid for in the next month. h. Additional inventory costing $4,400 was purchased; cash of $1,200 was paid, and the balance is due in 30 days. i. In the last three weeks of the first month, sales totaled $14,750, of which $9,000 was sold on account. The cost of the goods sold totaled $9,500. j. Employee wages for the month totaled $1,800; these will be paid during the first week of the next month. k. The firm collected a total of $3,600 from the sales on account recorded in transaction i. l. The firm paid a total of $4,950 of the amount owed to suppliers from transaction e. Required: a. Record each transaction in the appropriate columns. (Enter decreases to account balances as a negative) b. Calculate the total assets, liabilities, and stockholders' equity at the end of the month and calculate the amount of net income for the month.