The following transactions are given:

a. A corporation issued capital stock in exchange for land valued at $300,000.

b. A corporation issued capital stock for $200,000.

c. The corporation hired a chief executive officer (CEO) at $180,000 per year.

d. The firm agreed to rent office space at $2,000 per month.

e. The firm paid the first month’s rent.

f. The firm paid the last month’s rent as a security deposit.

g. The firm bought supplies for $2,500.

h. The firm ordered office equipment costing $15,000 (assume no obligation has occurred yet).

i. The CEO finished her first month’s work.

j. The firm paid the CEO her first month’s salary.

k. The firm received the office equipment and the bill. The equipment is expected to last five years.

l. The firm recorded depreciation for the first month, using straight-line depreciation.

Required:

Analyze the transactions, using the balance sheet equation, and prepare a simple balance sheet: