Assume Down.com was organized on May 1 to compete with Despair.com-a company that sells de- motivational posters and office products. The following events occurred during the first month of Down.com's operations a. Received $60,000 cash from the investors who organized Down.com Corporation. b. Borrowed $20,000 cash and signed a note due in two years c. Ordered equipment costing $16,000. d. Purchased $9,000 in equipment, paying $2,000 in cash and signing a six-month note for the balance. e. Received the equipment ordered in (c), paid for half of it, and put the rest on account