1 The following transactions occurred for Lantana Company during its first month of operations 2 and have been recorded in the T-accounts below. 3 4 a. Issued 7,500 shares of stock with a par value $0.10 to three owners (2,500 shares each) for $75,000 in cash. 5 b. Purchased a short-term investment for $10,000 cash. 6 c. Purchased 2 acres of land for $20,000, paid $5,000 in cash and signed a 2 year note for the remainder. 7 d. Bought $900 of supplies on account. 8 e. Sold 1/2 acre of land for $5,000. Accepted a note to receive payment in one year. 9 f. Purchased $10,000 of equipment in cash. Paid $500 on account for supplies purchased in transaction (d). 10 g. 11 12 13 Cash Short-Term Investments 14 a. 75,000 10,000 b. b. 10,000 15 5,000 C. 16 10,000 f. 17 500 g. 18 bal. 49,500 bal. 10,000 19