Joe Evans opened a fishing supply store named Evans Bait & Tackle, Inc. The following transactions occurred during its first month. Enter each transaction into the accounting equation and identify an increase or decrease to assets, liabilities, shareholder€™s equity, revenues, or expenses.
1. Joe Evans used $100,000 of personal savings in exchange for common stock, and the business borrowed $50,000 from the bank to start the business.
2. The business purchased a small building for $75,000.
3. The business purchased $10,500 worth of inventory.
4. The business paid operating expenses of $1,315 the first month.
5. Evans Bait & Tackle, Inc., sold $5,250 of its inventory to customers for $7,875.
All the transactions were for cash. Use the followingformat:

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Shareholder's equity +Contributed Retained Total assets Total + liabilities - capital earnings Transaction 1