At the beginning of 2013, Foster Corp.%u2019s accounting records had the following general ledger accounts and balances.

FOSTER CORP. Accounting Equation
Event	Assets		=	Liabilities	+	Stockholder%u2019s Equity		Acct. Titles for RE
	Cash	Land		Notes Payable		Common Stock	Retained Earnings
Balance 1/1/2013	30,000	16,000		10,000		20,000	16,000

Foster Corp. completed the following transactions during 2013:

1. Purchased land for $20,000 cash.

2. Acquired $10,000 cash from the issue of common stock.

3. Received $90,000 cash for providing services to customers.

4. Paid cash operating expenses of $65,000.

5. Borrowed $20,000 cash from the bank.

6. Paid a $5,000 cash dividend to the stockholders.

7. Determine that the market value of the land purchased in event 1 is $30,000.