Transaction Analysis On December 1, Peter Allen started Career Services Inc., providing career and vocational counseling services. The following transactions took place during the month of December Dec 1 Allen invested 57.100 in the business, receiving common shares 2 Paid rent for December on furnished office space $850 3 Received invoice for December advertising 5600 4 Borrowed 515.100 from a bank and signed a note payable for that amount 5 Received 1.300 for counseling services rendered for cash 6 Billed certain government agencies and other dients for counseling services. 56.900 7 Paid secretary's salary, 52.300 8 Paid December titties 5470 9 Paid stockholders a dividend of $1,000 cash 10 Purchased land for cash to use as a site for a new facility, 513.100. 11 Paid $110 to the bank as December interest on a note payable Required (a) Set up on accounting equation in columnar form with the following column headings: Cash, Accounts Receivable, Land, Accounts Payable, Notes Payable, Common Stock, and Retained Earnings (b) Show how the December transactions affect the items in the accounting equation, and total all columns to show that assets equal liabilitles plus stockholders' equity as of December 31 Note: Use a negative sign with your answers, when needed. Cash Accounts Receivable + Land - Accounts Payable. Notes Payable. Common Stock Retained Earnings 2 3 0 7 10 5 5 $