D E F G H J In the company and, in turn, was iss K L M N Ag Bio Tech (ABT) was organized on January 1 by four friends. Each organizer invested $10,000 in the company and, in turn, was issued 8,000 shares of common stock. To date, they are the only stockholders. During the first month (January), the company had the following five events: $65,000 $16,000 $18,000 $13,000 $5,000 a. Collected a total of $40,000 from the organizers and, in turn, issued common stock b. Purchased a building for $65,000, equipment for $16,000, and three acres of land for $18,000; paid $13,000 in cash and signed a note for the balance, which is due to be paid in 15 years c. One stockholder reported to the company that 500 shares of his ABT stock had been sold and transferred to another stockholder for $5,000 cash. d. Purchased supplies for $3,000 cash. e. Sold one acre of land for $6,000 cash to another company Required: 1. During the first month, the records of the company were inadequate. You were asked to prepare a summary of the preceding transactions To develop a quick assessment of their economic effects on ABT, complete the spreadsheet that follows. Transaction (a) is shown as an example (Enter any decreases to account balances with a minus sign) (Use cell referencing to select values. If nothing belongs in a cell, leave it blank) 6 (Include formulas in the final row to compute ending balances in each account.) $40,000 500 $3,000 $6,000 Assets Liabilities Notes 9 Stockholders' Equity Common Retained Cash Supplies Land Building Equipment Payable Stock 20 Beginning Balance Earnings 0 0 21 40,000 " . 40,000 22 b -13,000 18,000 65,000 6,000 23 24 d. 3,000 3,000 . . 25 6,000 6,000 . 26 Ending Balance 30,000 3,000 12,000 65,000 6,000 . 27 28 2. Based on the completed spreadsheet, compute the following amounts 29 30 Total assets at the end of the month 31 b. Total liabilities at the end of the month 32 Total stockholders' equity at the end of the month Sheet1