1. On 1/1, NGS received $70,000 cash invested by owners and issued common stock. 2. On 1/15, J.K. Builders bought an unused field from a local farmer by paying $60,000 cash. As a construction site for smaller projects, it is estimated to be worth $65,000 to J.K. Builders. 3. The company purchased equipment for $4,000 on account. The equipment is expected to be used for ten or more years. 4. J.K. Builders borrowed $25,000 from the bank with a plan to use the funds to build a small workshop in August. The loan must be repaid in two years. 5. The company paid for the equipment purchased on account.