Assume The Gap has opened a store in Ottawa. Starting with cash and shareholders equity (common shares) of $100,000, Susan Harper, the store manager, signed a note payable to purchase land for $40,000 and a building for $130,000. She also paid $50,000 for store fixtures and $40,000 for inventory to use in the business. All these were paid for in cash. Suppose the head office of Gap requires a weekly report from store managers. Write Harper s memo to the head office to report on her borrowing and purchases. Include the store s balance sheet as the final part of your memo. Prepare a T-account to compute the balance for cash.