Required Using the indicated letters, identify the specific effects (including account names and dollar amounts) of the following transactions or conditions on the various financial statement components I-Increase D Decrease NE No effect Transaction Assets Liabilities ul As part of Makepeace Properties incorporation agreement, a consultant was retained at an agreed-upon fee of $80,000 to provide a marketing plan for the first year of business. The plan benefited the first year only. The consultant felt that Makepeace had an excellent opportunity for success. So the consultant waived the normal $80,000 consulting fee in exchange for 1,000 shares of Makepeace's $1 par value common stock Honest Vegetable Co. acquired a tract of undeveloped land in exchange for 9,000 shares of $1 par value common stock. The land's market value was not easily determinable, but the common stock sold on the New York Stock Exchange for $21 per share on the date of the transaction