[The following information applies to the questions displayed below.] Bearings & Brakes Corporation (B&B) was incorporated as a private company. The company's accounts included the following at June 30: Accounts Payable Buildings $103,000 700,000 110,000 Cash Common Stock 370,000 Equipment 188,000 Land 544,000 Notes Payable (long-term) 13,000 Retained Earnings Supplies 1,066,000 10,000 During the month of July, the company had the following activities: a. Issued 4,900 shares of common stock for $490,000 cash. b. Borrowed $160,000 cash from a local bank, payable in four years. c. Bought a building for $206,000; paid $86,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $110,000. e. Purchased supplies for $110,000 on account. Required: 1. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances with a minus sign.) Assets Liabilities Stockholders Equity Common Stock Cash Supplies Equipment Accounts Payable a. b. C. d e. Buildings = = = = Notes Payable (long-term) + + + + a. Issued 4,900 shares of common stock for $490,000 cash. b. Borrowed $160,000 cash from a local bank, payable in four years. c. Bought a building for $206,000; paid $86,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $110,000. e. Purchased supplies for $110,000 on account. 2. Record the transaction effects determined in part 1 using a journal entry format. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Issued 4,900 shares of common stock for $490,000 cash. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit a Record entry Clear entry Credit View general journal During the month of July, the company had the following activities: a. Issued 4,900 shares of common stock for $490,000 cash. b. Borrowed $160,000 cash from a local bank, payable in four years. c. Bought a building for $206,000; paid $86,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $110,000. e. Purchased supplies for $110,000 on account. BEARINGS & BRAKES CORPORATION Balance Sheet 0 0 5. Prepare a classified balance sheet at July 31. $ GA 0 $ 0 0