Problem 1-8A (Static) Analyzing effects of transactions LO P1, P2 Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations. a. Lita Lopez invested $70,000 cash and equipment valued at $10,000 in the company in exchange for its common stock. b. The company purchased a building for $40,000 cash c. The company purchased equipment for $15,000 cash. d. The company purchased $1,200 of supplies and $1,700 of equipment on credit. e. The company paid $500 cash for advertising expenses. f. The company completed a financial plan for a client and billed that client $2,800 for the service. g. The company designed a financial plan for another client and immediately collected a $4,000 cash fee. h. The company paid $3,275 cash in dividends to the owner (sole shareholder)] i. The company received $1,800 cash as partial payment from the client described in transaction f j. The company made a partial payment of $700 cash on the equipment purchased in transaction d k. The company paid $1,800 cash for the secretary's wages for this period. Required: 1. Enter the amount of each transaction on individual items of the accounting equation 2. Determine the company's net income. Answer is not complete.. Enter the amount of each transaction on individual items of the accounting equation. Not Reductions in account balances should be indicated with a minus sign Assets Equity Cash Accounts Receivable Supplies Equipment Building Accounts Payable Common Stock Dividend Revenues Expenses $ 70.000 10.000 O $80,000 (40,000) 4 40,000 + Balance afera and t 30,000 0 0 10,000 40,000 0 80.000 . 0 (15.000) 4 15,000 + . Balance after c 15,000 0 0 + 25,000 40,000 0 " 80.000 0 0 0 1.200 O 1,700 O 2.900 + Balance after d 15.000 . 1.200 26,700 40.000 (500) O . 2.900 . . 80.000 + . Balance aher a 14.500 0 + 1:200 . 26,700 40.000 " 2.900 . 00.000 0 . 2.000 " " 1 Balance aher f 14.500 2,000 1,200 + 26.700 1+ 40000 2.900 00000 0 1+ $ D 10 4,000 . Balance aher g 18.500 2.800 1.200 + 26.700 40.000 2.900 80,000 0 1. 0 0 0275) " " " Balance aher h 15.225 2,000 . 1,200 26,700 4 40.000 2500 80.000 . $ + 1,000 O (1.800) . . Balance afer i 17.825 1.000 1.200 + 26.700 + 40.000 1 2.900 . 00.000 $ (700) " . " " (2000). Balance after 16.325 " 5.000 1200 + 26.700 . 40000 2200 00.000 1 8 (1.000). 14525 + 4 1 " 1000 15 1,200 1. 3 26700 " 540000 " 2200 A 0000 0