U TCH 4. Bonds payable (due in 5 years). Longterm liability Contra Section B--Financial Statement Impact of Liability Transaction Analyze the effect of the following transactions below using the following code: D: Decrease I: Increase NE: No Effect Assets Net Income Liabilities Owners' Equity Transaction 1. Purchased inventory for $80,000 on account (assume perpetual system is used 2. Recorded cash sales of $75,000, which includes 7% sales tax. 3. Accrued accumulated vacation pay. 4. A contingent loss on a lawsuit that the probability of loss is remote