1. On January 1. The Board of Directors issued 250,000 additional shares (par of $0.80 ) to raise capital for the New Year. Assume no change in price from December 31, 2021. 2. Purchased new office equipment for $92,000 with cash from California Furniture on January 1 . 2022. The equipment will be depreciated over a ten-year period on a straight-line basis. The office equipment has an estimated salvage value of $6,000. [Adjusting Entry Required] 3. On January 1"1, a 5 year, $160,000 long-term note payable was taken from a local bank. The company plans on making a payment on this note at the end of the year. 4. On January 22da the company purchased 8,500 units of inventory (garden gnomes) at a cost of $77 per unit. The company paid 45% in cash and purchased the remainder on account. 5. On January 25"n the company paid $275,000 cash toward accounts payable