For each of the following transactions, indicate how both incomeand cash flow are affected at the time of the transaction. Use thefollowing codes for your responses:
I = increase
D = decrease
N = no effect
Income
Cash flow
Purchase equipment by issuing common stock
Purchase inventory on account
Sell inventory for cash
Borrow money from the bank
Pay employees wages for current period
Make payment on accounts payable
Declare dividends
Sell inventory on account i.e. for credit
Recognize depreciation on equipment
Pay the cash dividend on dividends declared previously
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