Transaction Analysis On June 1, a group of bush pilots in British Columbia, Canada, formed the BC Back-Country Airlines. Inc. by selling $80,000 of common stock for cash. The group then leased several aircraft and docking facilities, equipping them to transport campers and hunters to outpost camps owned by various resorts. The following transactions occurred during June: 1 Sold common stock for a 152.000 2 Paldjure rent for arra dockage, and docks de office, 57.500 3 Received invoice for the cost of a reception the form gave to entertain resort owners. 54800 4 Paid for just advertising in various sports magazines. 13.900 5 Padinsurance premium fore, 54,800 6 Rendered services for various groups for cash 137.000 7 Bed the Canadian Ministry of Natural Resources for transporting mapping personnel, 55,900 and red various firms for services 517.000 Pa 13 500 on copie 9 Receved 115.200 en tout from 10 Palle ages 518,000 11 Receveance for the come sed urn 15.500 12 h divdend 1.000 Required (a) Set up an accounting equation in columnar form with the following column Headings: Cash, Accounts Receivable. Accounts Payable. Common Stock, and Retained Earnings (b) Show how the June transactions affect the items in the accounting equation and total all columns to show that assets equal liabilities plus stockholders equity as of June 30. Note:Use a negative sign with your answers, when needed. Accounts Receivable - Accounts Payable. Common Stock Retained Earnings Cash 2 3 4 5 5 10 12 1 1