Ag Bio Tech (ABT) was organized on January 1 by four friends. Each organizer invested $8,750 in the company and, in turn, was issued 7,000 shares of common stock. To date, they are the only stockholders. During the first month (January), the company had the following five events:

aCollected a total of $35,000 from the organizers and, in turn, issued common stock.

bPurchased a building for $84,250, equipment for $17,250, and three acres of land for $32,400; paid $26,250 in cash and signed a note for the balance, which is due to be paid in 15 years.

cOne stockholder reported to the company that 550 shares of his ABT stock had been sold and transferred to another stockholder for $5,500 cash.

dPurchased supplies for $6,050 cash.

eSold one acre of land for $10,800 cash to another company.