White Corporation started business in January 20X9. The following transactions occurred during the calendar year, 20X9. 1. Issued 100,000 shares of common stock to investors in exchange for $500,000 cash. 2. Purchased furniture and fixtures at a cost of $105,000 of which $65,000 was paid in cash and a note payable was signed for the balance owed. 3. Purchased inventory on account at a cost of $300,000 4. Sales on account were $185,000 of which $55,000 was received in cash and the remainder was on account. Cost of goods sold was $106,400 5. Paid $19,000 of operating expenses for current period. 6. Paid $3,600 to an insurance company for liability insurance for a one-year period beginning August 1, 20X9. 7. Paid $220,000 to accounts payable vendors. 8. Collected $55,000 from accounts receivable customers. 9. Declared and paid shareholders a cash dividend of $15,000. 10. Record an adjustment for depreciation expense at year-end. Assume the above furniture and fixtures have been owned for the entire year and have a useful life 10 years and no salvage value 11. Record the amount of the prepaid insurance that has expired by December 31. 12. Accrue interest incurred on the note payable at 12% for the year 13. Accrue income tax owed. Assume a 20% income tax rate. Required: A. Set up an accounting equation and record the above transactions for the calendar year, 20X9. You can set up an accounting equation below or in the worksheet spreadsheet herein. BE SURE TO LABEL EACH ENTRY THAT YOU RECORD UNDER RETAINED EARNINGS B. What was the net income or loss for the year