Analysis of Transactions Walgreen Company is a well-known drugstore chain. A condensed balance sheet for May 31, 2003, follows ($ in millions):

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Assets Liabilities and Stockholders' Equity Cash $ 854 Accounts payable $ 1,956 Inventories 4,020 Other liabilities 2,033 Property and other assets 6,085 Stockholders' equity 6,970 Total $10,959 Total $10,959 Use a format similar to Exhibit 1-2 to analyze the following transactions for the first 2 days of June (S amounts are in millions). Then prepare a balance sheet as of June 2. 1. Issued 1,000,000 shares of common stock to employees for cash, $30. 2. Issued 1,500,000 shares of common stock for the acquisition of $45 of special equipment from a supplier. 3. Borrowed cash, signing a note payable for $12. 4. Purchased equipment for cash, $18. 5. Purchased inventories on account, $90. 6. Disbursed cash on account (to reduce the accounts payable), $35. 7. Sold for $2 cash some display equipment at original cost $2.