1 The following transactions occurred for Lantana Company during its first month of operations 2 and have been recorded in the T-accounts below. 4 a. Received $50,000 cash from owners in exchange for common stock. 5 b. Purchased land for $20,000, paid $5,000 in cash and signed a 2-year note for the remainder. 6 C. Bought $900 of supplies on account. 7 d. Purchased $10,000 of equipment, paying cash. 8 e. Paid $500 on account for supplies purchased in transaction (C). Cash 50,000 Supplies 900 5,000 10,000 500 b. d. e. 34,500 200 Land 20,000 Equipment 10,000 20.000 10.000 N Note Payable Accounts Payable 500 900 C. 15,000 b. 400 bal. 15,000 bal. un Common Stock 50,000 50,000 bal. LANTANA COMPANY Balance Sheet At December 31, 2016 Liabilities and Stockholders' Equity Current Liabilities Assets - Current Assets Total Current Assets Total Current Liabilities - Long-term Assets Long-term Liabilities Total Long-term Assets Total Long-term Liabilities Total Liabilities Stockholders' Equity Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity Total Assets