Dynamic Corporation completed the following transactions during the month of March. Prepare journal entries to record the transactions. 1. Issued 10,000 shares of its own common stock for $100,000 cash. 2. Borrowed $50,000 cash in return for a 9%, one-year note payable. 3. Purchased equipment at a net cost of $50,000 cash. 4. Purchased inventory on account for $40,000. Assume that the company uses the perpetual inventory system. 5. Sold merchandise for $50,000 (that had cost $30,000 ); collected $35,000 cash, and the $15,000 balance is due in one month. Hint: Make entries for both sides of the transaction-one for sales and one for cost of goods sold. 6. Paid $12.500cash for operating expenses. 7. Paid for half of the merchandise prevously purchased on account in transaction 4 , a. colected 40% of the bazance due an the sales in transaction 5. 19. Pau 3600 cash for an insurance premium for one year of coverage (isebt peepaid insurance) 10. Paid 5s, Doo cash in legal fees for the month of March