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The following transactions occurred during March 2018 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 1. Issued 32,000 shares of capital stock in exchange for $320,000 in cash. 2. Purchased equipment at a cost of $44,000. $12,000 cash was paid and a note payable was signed for the balance owed. 3. Purchased inventory on account at a cost of $94,000. The company uses the perpetual inventory system 4. Credit sales for the month totaled $122,000. The cost of the goods sold was $72,000. 5. Paid $5,200 in rent on the warehouse building for the month of March. 6. Paid $6,200 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2018. 7. Paid $72,000 on account for the merchandise purchased in 3. 8. Collected $57,000 from customers on account 9. Recorded depreciation expense of $1,200 for the month on the equipment. Required 1. Analyze each transaction by indicating the cash effect and classify each as a financing, investing, and/or operating activity (a transaction can represent more than one type of activity). 2. Prepare a statement of cash flows, using the direct method to present cash flows from operating activities. Assume the cash balance at the beginning of the month was $42,000