Analyzing Transactions and Adjustments Using the Financial Statement Etfects Template On March 1, 5. Penman iaunched AnlFoods lnc, an organic foods retaling compary. Following are the tranesctions for its first month af business. 1. S. Penman contributod $220,000 cash to the compary in recum for common stock. Penman also ient the compary $121,000. This $121,000 noce is due ane yos hence. 2. The compony purchased equipment in the amount of $110,000, paying $22,000 cash and signing a note paysble to the cquipment manufacturer for the remaining balanoe 3. The compony purchased inventory for $176,000 cash in Morch. 4. The compony had Morch sal of \$220,000, of which $132,000 was for cosh and $88,000 on credit. Total cost of goods sold for its March sales was $154,000. 5. The company purchased future advertising time from a local rado station for $22,000 cash. 6. During Morch, 516,500 worth of radio spots purchssed in transaction 5 are aired. The remaining spots will be aired in April. 7. Emplayee wages carned and paid during March total $33,400 cash. 8. Prior to dizclosing the financial statemente, the company recognized that employecs had earned an additional 52,200 in wages that will be poid in the next period. 9. The compony reconded $4,400 of deprecistion for Morch relating to its equpment. 2. Ficcord the eifect of cach transaction using the financial statement cffocts template. Note: For cach accourt category, Ind cate the appropriste account name. Enter "N/A" for any account category that is not used for a given transaction. Note: Indicate a decrease in an acoount catcgory by Including a negative sign with the amount. b. Prepsre a March income statement and a balanoe shect as of the end of March for AnIFonds lne. Note: Do nat use negative signs with your answers. Analyzing Transactions and Adjustments Using the Financial Statement Etfects Template On March 1, 5. Penman iaunched AnlFoods lnc, an organic foods retaling compary. Following are the tranesctions for its first month af business. 1. S. Penman contributod $220,000 cash to the compary in recum for common stock. Penman also ient the compary $121,000. This $121,000 noce is due ane yos hence. 2. The compony purchased equipment in the amount of $110,000, paying $22,000 cash and signing a note paysble to the cquipment manufacturer for the remaining balanoe 3. The compony purchased inventory for $176,000 cash in Morch. 4. The compony had Morch sal of \$220,000, of which $132,000 was for cosh and $88,000 on credit. Total cost of goods sold for its March sales was $154,000. 5. The company purchased future advertising time from a local rado station for $22,000 cash. 6. During Morch, 516,500 worth of radio spots purchssed in transaction 5 are aired. The remaining spots will be aired in April. 7. Emplayee wages carned and paid during March total $33,400 cash. 8. Prior to dizclosing the financial statemente, the company recognized that employecs had earned an additional 52,200 in wages that will be poid in the next period. 9. The compony reconded $4,400 of deprecistion for Morch relating to its equpment. 2. Ficcord the eifect of cach transaction using the financial statement cffocts template. Note: For cach accourt category, Ind cate the appropriste account name. Enter "N/A" for any account category that is not used for a given transaction. Note: Indicate a decrease in an acoount catcgory by Including a negative sign with the amount. b. Prepsre a March income statement and a balanoe shect as of the end of March for AnIFonds lne. Note: Do nat use negative signs with your answers