3 of 3 01:27:55 Required information [The following information applies to the questions displayed below] Mulkeen Service Company, Inc., was incorporated by Conor Mulkeen and five other managers. The following activities occurred during the year a. Received $66,000 cash from the managers; each was issued 1,800 shares of common stock. b. Purchased equipment for use in the business at a cost of $13,800, one-fourth was paid in cash and the company signed a note for the balance (due in six months). c. Signed an agreement with a cleaning service to pay it $115 per week for cleaning the corporate offices, beginning next year. d. Conor Mulkeen borrowed $24,000 for personal use from a local bank, signing a one-year note. 3-a. What will be your response to transaction (c The agreement in (d) involves exchange of cash and services and thus is a transaction. O The agreement in (c) involves no exchange or receipt of cash, goods, or services and thus is not yet a transaction. 3-b. What will be your response to transaction (d? O Transaction (d) occurs between the owners and others, the separate entity assumption implies this transaction does not affect the business. O Transaction (c) occurs between the company and others, so this transaction affect the business. Next Y