E2-8 Analyzing the Effects of Transactions in T-Accounts [LO 2-2, LO 2-3, LO 2-5) [The following information applies to the questions displayed below.) Mulkeen Service Company, Inc., was incorporated by Conor Mulkeen and five other managers. The following activities occurred during the year: a. Received $72,000 cash from the managers; each was issued 2,000 shares of common stock. b. Purchased equipment for use in the business at a cost of $15,600; one-fourth was paid in cash and the company signed a note for the balance (due in six months). c. Signed an agreement with a cleaning service to pay it $130 per week for cleaning the corporate offices, beginning next year. d. Conor Mulkeen borrowed $27,000 for personal use from a local bank, signing a one-year note. E2-8 Part 1 Required: 1. For each of the above transactions, record its effects in the appropriate T-accounts. Assume all beginning balances are zero. Cash Equipment Beg. Bal. 0 a 72,000 3,900 b. Beg. Bal. b. b. End. Bal. 68,100 End. Bal. Notes Payable Common Stock Beg. Bal. Beg. Bal. End. Bal. End. Bal. 2. Using the balances in the T-accounts, fill in the following amounts for the accounting equation: Assets Liabilities + Stockholders' Equity