=+July 1. Issued $10,000,000 of 10-year, 15% callable bonds dated July 1, 2010, at an effective rate of 11%, receiving cash of $12,390,085. Interest is payable semiannually on December 31 and June 30.

Oct. 1. Borrowed $225,000 as a six-year, 8% installment note from Titan Bank. The note requires annual payments of $48,671, with the first payment occurring on September 30, 2011.