E2-9 (Algo) Analyzing the Effects of Transactions in T-Accounts LO2-4 [The following information applies to the questions displayed below.] Griffin Service Company, Incorporated, was organized by Bennett Griffin and five other investors (that is, six in total). The following activities occurred during the year: a. Received $75,000 cash from the six investors; each investor was issued 8,900 shares of common stock with a par value of $0.10 per share. b. Signed a five-year lease for $157,500 for the right to use a building each year. c. Purchased equipment for use in the business at a cost of $23,000; one-fourth was paid in cash and the company signed a note for the balance (due in six months). d. Signed an agreement with a cleaning service to pay $170 per week for cleaning the corporate offices next year. e. Received an additional contribution from investors who provided $3,500 in cash and land valued at $20,000 in exchange for 1,500 shares of stock in the company. f. Lent $3,000 to one of the investors, who signed a note due in six months. g. Bennett Griffin borrowed $7,500 for personal use from a local bank, signing a one-year note.