1) Barley & Hops Company was formed in 2014. During the year the company had the following events occur 1. The company issued $100,000 in common shares for cash. 2. The company purchased equipment for $15,000, paying $5,000 down and signing a 1-year, 8% note for the balance. 3 The company hired 4 employees. . 4 The company had sales of $250,000. All sales were on account. 5. The company incurred the following expenses: rent: $2,000, salaries: $20,000, advertising $2,000 and utilities $4,000. All expenses were paid in cash