- What should be inserted in the blue squares?

- what is the net income?

7 ts Skipped eBook Print a. Lita Lopez invested $62,000 cash and equipment valued at $31,000 in the company in exchange for its common stock. b. The company purchased a building for $42,000 cash. c. The company purchased equipment for $5,800 cash. d. The company purchased $3,500 of supplies and $1,200 of equipment on credit. e. The company paid $970 cash for advertising expenses. f. The company completed a financial plan for a client and billed that client $4,600 for the service. g. The company designed a financial plan for another client and immediately collected a $8,900 cash fee. h. The company paid $1,600 cash in dividends to the owner (sole shareholder). i. The company received $3,600 cash as partial payment from the client described in transaction f. j. The company made a partial payment of $600 cash on the equipment purchased in transaction d. k. The company paid $1,700 cash for the secretary's wages for this period. Required: 1. Enter the amount of each transaction on individual items of the accounting equation. 2. Determine the company's net income. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Enter the amount of each transaction on individual items of the accounting equation. (Reductions in account balances should be indicated with a minus sign.) Liabilities Equity Assets Supplies Cash Accounts Receivable + Equipment + Building Accounts Payable Common Stock Dividends + + + a. b. + + Balance after a and b 0 + 0 + 0 + C. + + + Balance after c 0 + 0 + 0 + + + + d. Balance after d 0 + 0 + 0 + + + e. + 0 + 0+ 0 + Balance after e f. + + + 0 + 0 + 0 + A + + Balance after f 9. Balance after g h. Balance after h 0 + + 0 + + i. + Balance after i 0 + lj. + Balance after j 0 + k. + Balance after k 0+ $ + 0+ + 0 + + 0 + + 0 + + M 0 + + 0 + + 0 + + 0+ + 0 + + 0+ $ 0 + + 0 + + 0 + + 0 + + 0 + $ + + 0 + + 0 + + 0 + + 0 + + 0 + A + 0 + + 0 + + 0 + + 0 + + + 0 $ $ 0 = 0: |= 2 = 0 = = 0 = = 0 = 0 = = 0 = = 0 = = 0 = 0= $ + 0 + 0 + + 0 + + 0 + + + 0 Revenues $ 0- 0-| o - 0 0 0 0 0 0 0 0 Expenses $ 0 0 0 0 0 0 0 0 0 0