3. Summarize the journal entry effects from requirement 2 using T-accounts.

4. Prepare a classified balance sheet at February 28, 2017.

Fruity Farms was incorporated as a private company on January 1, 2017. The company's accounts included the following at January 31, 2017: Accounts Payable Building Bank Overdraft Contributed Capital Equipment $ 20,000 50,000 9,000 75,000 47,000 Land Notes Payable, due 2019 Retained Earnings Supplies $100,000 22,000 74,000 3,000 During the month of February, the company had the following activities: a. Paid a dividend to shareholders of $15,000. b. Repaid $10,000 cash to a local bank. C. Issued 500 shares for $50,000 cash. d. Purchased equipment for $30,000, paying $3,000 in cash and signing a note due in six months for the balance. e. Purchased supplies for $3,000 on account