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. Complete this question by entering your answers in the tabs below. Required 1 Required 2

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 $15,000cash. d. The company purchased $1,200 of supplies and $1,700 of equipment on credit. e. The company paid $500 cash for advertising expenses. 1. The company completed a financial plan for a client and billed that client $2,800 for the service. 9. 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. Complete this question by entering your answers in th Determine the company's net income