Accounting 5205

After completing Chapter 5, identify the following for Events 1-4 based on Exercise 5-5: Identify the impact on the accounting equation, if and how it affects net income, and if and how it affects cash. With your answers, you need to explain your reasoning and how you solved the problem. This is especially important for Events 3 and 4 because they involve contra-asset accounts. Do not follow the instructions in the textbook.

Please explain how you solved the problem and reasoning behind your answers.