Dec. 1^st a new company is ofrmed called "Lawn Darter, Inc." $10,000 cash is contributed to the start-up in exchange ofr common stock. Dec. 1^st - $1,500 was paid ofr 3 months' rent in advance. Dec. 1^st - a $2,400 riding lawn mower was purchased in cash. This piece of equipment was determined to have a 2 year (24 month) usable lifespan. Dec. 8th - $400 of supplies were purchased on account and paid in cash 30 days later. lawn service job was perofrmed and payment was $1,250 in cash