|ansactions 6-10 1. Issued 56,000 shares of its own common stock for $560.000 cash 2. Borrowed $280.000 cash in return for a 9%, one-year note payable 3. Purchased equipment at a net cash cost of $280.000 with cash 4. Purchased inventory on account for $224,000. Assume that the company uses the perpetual inventory system 5: Sold merchandise for $280.000 (and a cost of $168.000 collected $196.000 cash, and the balance is due in one month. Hint Consider two parts to the sold Ref. Account Name 1 Cash Common stoc 2 Equipment Equipment 3 3. $ $ 4 " = 5. Cash 0 To recortes To record the cost of goods sold Dr. 280000 Cr. 280000 for sales