ACT50 Fall, 201N Pre/Post Test points (22 poines) nerest, payee Example is wonh 2 The company hought a piexe of land by paying $50,00o 50,000 Land 13. Thhe $6,000 eqsipenent (iroms Question 4) S yea r service life with no salvage value The eqsigment was placed ia wervice on Negest 15,2018 and wigh-line depeeciation is ssed for the equipnent Cash 2. The company raised $20,000 cash by taking out a bank loan for thas amsount ash o,o The company made a service sales for $4,000 casth. on August 15, 2018. Saler Revenue The company bought a piece of equipment for $6,000 cash 6000 1S. The company used about one thied of sapplies by the end of Auust Cash Louo he company bought one-year insurance on the equipment for $1,200 cash. Prepard Inurence 1200 (ash 12 00 company bought supplies for $300 on credit 300 3du Page 6 of 9 ccunts Pa-jaule Page 1 of 5