E2-10 Analyzing the Effects of Transactions in T-Accounts LO2-4 Precision Builders Construction Company was incorporated by Chris Stoschek. The following activities occurred during the year: Received from three investors $58,000 cash and land valued at $33,000; each investor was issued 1,000 shares of common stock with a par value of $0.10 per share. Purchased construction equipment for use in the business at a cost of $53,000; one-fourth was paid in cash and the company signed a note for the balance (due in six months). Lent $3,000 to one of the investors who signed a note due in six months. Chris Stoschek purchased a truck for personal use; paid $6,900 down and signed a one-year note for $31,500. Paid $21,500 on the note for the construction equipment in (b) (ignore interest). Required: 1. Create T-accounts for the following accounts: Cash, Notes Receivable, Equipment, Land, Notes Payable, Common Stock, and Additional Paid-in Capital. Beginning balances are $0. For each of the preceding transactions, record the effects of the transaction in the appropriate T-accounts. Include good referencing for each T-account.