Prepare Balance Sheet Soho Corporation's balance sheet at November 29, 20X1, contained only the following items (arranged here in random order):

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Paid-in capital $189,000 Notes payable 21,000 Machinery and equipment Furniture and fixtures $ 20,000 Cash 22,000 Land 8,000 41,000 Accounts payable 16,000 Building 230,000 Merchandise inventory 29,000 Long-term debt payable 124,000 On the following day, November 30, these transactions and events occurred: 1. Purchased machinery and equipment for $13,000, paying $3,000 in cash and signing a 90-day note for the balance. 2. Paid $6,000 on accounts payable. 3. Sold some land that was not needed for cash of $6,000, which was the Soho Corporation's acqui- sition cost of the land. 4. The remaining land was valued at $240,000 by professional appraisers. 5. Issued capital stock as payment for $23,000 of the long-term debt, that is, debt due beyond 1 year. Prepare in good form a balance sheet for November 30, 20X1, showing supporting computations for all new amounts.