The following transactions occurred for the Wayne Corporation in March, its first month of operations. The company owns and operates a wholesale warehouse. 1. Issued 40,000 shares of common stock in exchange for $400,000 in cash. 2. Purchased equipment at a cost of $60,000. $15,000 cash was paid and a note payable to the seller was signed for the balan owed. 3. Purchased inventory on account at a cost of $122,000. 4. Credit sales for the month totaled $170,000. The cost of the goods sold was $102,000. 5 . Paid $5,500 in rent on the warehouse building for the month of March. 6. Paid $6,550 to an insurance company for fire and liability insurance for a one-year period beginning April. 7. Paid $102,000 on account for the inventory purchased in transaction 3. 8. Collected $76,500 from customers on account. 9. Paid utilities expense of $1,500 for the month. Required: 1. Analyze each transaction and show the effect of each on the accounting equation for Wayne Corporation. The first item is provided as an example. 2. Prepare a preliminary balance sheet and preliminary income statement for Wayne Corporation for March. Complete this question by entering your answers in the tabs below. Prepare a preliminary balance sheet for Wayne Corporation 
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