Use the following balance sheet equation format to show the effect of the following transactions. Write the account names that will be used for each transaction. Account name Total assets Total liabilities Paid-in capital Retained Earnings The owners invest $50,000 in the company. The company purchases equipment costing $7,000 paying $3,000 with the remainder as a note payable. The company acquires inventory costing $4,500, paying $2,500 with the remainder on account. Depreciation on the equipment was $200.