Part II Transaction Analysis (2 points * 5 = 10 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 $50,000 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 recorded and paid salaries and wages of $4,500. Balance Sheet Income Statement Retained Noncash Contributed Earnings (Or Cash Asset + Asset - Liabilities + Capital Earned Capital) Revenue Expense Net Income 3