Vernon Company sells a wide range of goods through two retail stores operated in adjoining cities. Vernon purchases most of the goods it sells in its stores on credit, promising to pay suppliers later. Occasionally, a short-term note payable is used to obtain cash for current use. The following transactions were selected from those occurring during the fiscal year, which ends on December 31 a. Purchased merchandise on credit for $24,000 on January 10. b. Borrowed $75,000 cash on March 1 from City Bank by signing an interest-bearing note payable. The note is due at the end of six months (August 31) and has an annual interest rate of 11% payable at maturity. Required 1. Describe the impact of each transaction on the balance sheet equation. Indicate the effects (e.g., cash or-using the format below. You do not need to include amounts, just accounts and the direction in which they are affected. (If no impact on the accounting equation leave cells blank. Indicate the direction of the effect by selecting"+" for increase, "-" for decrease from the drop down menu.) Date Assets Liabilities Stockholders' Equity January 10 March 1 2. What amount of cash is paid on the maturity date of the note? Cash paid