3) The following transactions occurred during May, the first month of operations for Hunter Products, Incorporated: Issued 55,000 shares of capital stock to the owners of the corporation in exchange for $660,000 cash. Purchased a piece of land for $450,000, making a $175,000 cash down payment and signing a note payable for the balance. Made a $65,000 cash payment on the note payable from the purchase of land. Purchased equipment on credit from BBW, Incorporated for $68,000. What are total assets of Hunter Products at the end of May?

Multiple Choice

$870,000

$938,000

$1,003,000

$1,006,000

4) The following transactions occurred during March, the first month of operations for Quality Galleries, Incorporated: Capital stock was issued in exchange for $358,000 cash. Purchased $176,000 of equipment by making a $58,000 cash down payment and signing a note payable for the balance. Made a $34,000 cash payment on the note payable from the purchase of equipment. Sold a piece of equipment for cash of $16,000. The equipment was sold at cost, so there is no gain or loss on the sale. What is the balance in the Cash account at the end of March? Multiple Choice

$374,000

$316,000

$282,000

$340,000