Cayuga Lodge began operations on January 1, 2020. Prepare journal entries for the following transactions: 1/1 Issued 50,000 shares of $1 par value common stock for $1,000,000. 1/2 Purchased a 5-bedroom furnished lake property on E. Shore Dr. for $825,000 (assign $125,000 to the land; $30,000 to furniture/fixtures and $25,000 for kitchen equipment and the remainder to the building). The company paid $170,000 in cash and signed a note payable (20 yr.) for the balance. 1/3 Purchased food and beverage inventory on account for 25,000. 1/15 Catered two events for $50,000 (cost of food and beverage was $20,000). Received $25,000 cash with the remainder on account. 1/18 Paid salary expense of $18,000. 1/20 Received $15,000 from customers on account. 1/25 Sold 2 of the kitchen equipment for $10,000. 1/26 Sold gift cards for a spring weekend getaway in the Finger Lakes to customers for $3,000 cash. 1/28 Paid in advance $12,000 for advertising