1 (2 points) Syntex Company was incorporated January 1. The following transactions occurred during the year: a. Received $50,050 cash from the company's founders in exchange for common stock. b.Purchased land for $14,500, signing a two-year note (ignore interest). c.Bought two used delivery trucks at the start of the year at a cost of $10,000 each; paid $2,000 cash and signed a note due in three years for $18,000 (ignore interest). d.Paid $3,500 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks. e.Stockholder Tim Thomas paid $550,000 cash for a house for his personal use. Required: 1.Analyze each item for its effects on the accounting equation of Syntex Company for the year ended December 31. 2. Record the effects of each item using a journal entry. 3.Summarize the effects of the journal entries by account, using the T-account format