a. The company was incorporated. Common stockholders invested $150,000 cash. b. Purchased merchandise inventory for cash, $20,000. c. Purchased merchandise inventory on open account, $20,000. d. Merchandise carried in inventory at a cost of $30,000 was sold for $150,000, $45,000 for cash and $105,000 on open account. Tiger carries and will collect these accounts receivable. e. Collection of a portion of the preceding accounts receivable, $26,000. f. Payments of a portion of accounts payable, $11,000. See transaction c. g. Special display equipment and fixtures were acquired on April 1 for $60,000. Their expected useful life was 60 months with no terminal scrap value. Straight-line depreciation was adopted. This equipment was removable. Tiger paid $12,000 as a down payment and signed a promissory note for $48,000. h. On April 1, Tiger signed a rental agreement with Lakewood Center Mall. The agreement called for rent of $1,200 per month, payable quarterly in advance. Therefore, Tiger paid $3,600 cash on April 1. i. The rental agreement also called for a payment of 5% of all sales. This payment was in addition to the flat $1,200 per month. In this way, Lakewood Center Mall would share in any success of the venture and be compensated for general services such as cleaning and utilities. This payment was to be made in cash on the last day of each month as soon as the sales for the month were tabulated. Therefore, Tiger made the payment on April 30. j. Wages, salaries, and sales commissions were all paid in cash for all earnings by employees. The amount was $51,000. k. Depreciation expense for April was recognized. See transaction g. I. The expiration of an appropriate amount of prepaid rental services was recognized. See transaction h.