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Module 1Indicate in the space provided by each item whether it would appear on the income statement(IS), balance sheet (BS), or retained earnings statement (RE):a.______Service Revenueg. ____Accounts Receivableb.______Utilities Expenseh.____Common Stockc.______Cashi._____Equipmentd.______Accounts Payablej._____Advertising Expensee.______Suppliesk.____Dividendsf.______Salaries and Wages Expensel._____Notes PayableClassify each of these items as an asset (A), liability (L), or stockholders’ equity (SE)._____1.Accounts receivable_____2.Accounts payable_____3.Common stock_____ 4.Supplies_____5.Retained earnings_____ 6.Cash_____7.Notes payable_____ 8.EquipmentAt the beginning of the year, Gant Company had total assets of $660,000 and total liabilities of$300,000. Answer the following questions viewing each situation as being independent of theothers.(1)If total assets increased $225,000 during the year, and total liabilities decreased $100,000,what is the amount of stockholders’ equity at the end of the year?(2)During the year, total liabilities increased $215,000 and stockholders’ equity decreased$130,000. What is the amount of total assets at the end of the year?