Part II Transaction Analysis (2 points 10 - 20 points) Following are selected transactions of ABC Company. Record the effects of these transactions using the financial statement effects template. 1. Shareholders contributed $1,000,000 cash to the business in exchange for common stock. 2. The company obtained a bank loan of S50,000. 3. Purchased $5,000 equipment and paid cash. 4. Purchased inventory at the cost of $3,000 by paying $1,000 cash and receiving short- term credit from the remainder of the supplier. 5. The company sold the entire inventory purchased at (4) for cash of $4,500. Balance Sheet Income Statement Contributed Retained Famnings (Or amed Capital) Cash Assel Yoncash Asseliabilities Capital Revenue ExpendNet Income 6. Paid $2,000 owed to the supplier in (4), 7. The company received $9,000 cash in advance for services to be provided next period. 8. The company paid S500 cash for dividends. 9. The company paid $1,500 for employees' wages and salaries. 10. The company paid $800 utility expense. Balance Sheet Income Statement Kontributed Cash Aset Noncash Assesbilities Capital Red Famings for 1. Eamed Capital) Revenue ExpendNet Income