East Hill Home Healthcare Services was organized by four friends who each invested $19,000 in the company and, in turn, was issued 8,600 shares of $1.00 par value stock the end of last year, the accounting records reflected total assets of $720,000 ($53,000 cash; $509,000 land; $58,000 equipment, and $100,000 buildings), total liabilities of $ $110,000 and long-term notes payable of $118,000), and stockholders' equity of $492,000 ($22,000 of common stock, $88,000 of additional paid-in capital, and $382,000 retail following summarized events occurred: a. Sold 10,600 additional shares of stock to the original organizers for a total of $98,000 cash. b. Purchased a building for $66,000, equipment for $15,000, and four acres of land for $19,000; paid $19,000 in cash and signed a note for the balance (due in 15 years). c. Sold one acre of land acquired in (b) for $4,750 cash to another company. d. Purchased short-term investments for $10,500 cash. e. One stockholder reported to the company that 300 shares of his East Hill stock had been sold and transferred to another stockholder for $3,400 cash. f. Lent one of the shareholders $5,900 for moving costs, receiving a signed six-month note from the shareholder. Required: 1. Was East Hill Home Healthcare Services organized as a sole proprietorship, a partnership, or a corporation? O Sole proprietorship O Partnership Corporation 2. During the current year, the records of the company were inadequate. You were asked to prepare the summary of the preceding transactions. To develop a quick assessme Home Healthcare Services, you have decided to complete the tabulation that follows and to use plus (+) for increases and minus (-) for decreases for each account. The first Stockholders' Equity Assets Liabilities Short-Term Long-Term Additional Cash Short-Term Notes Investments Receivable Common Retained Land Buildings Equipment Notes Payable Notes Paid-in Stock Payable Capital Beg 53,000 509,000 100,000 58.000 110,000 118,000 22,000 88,000 Earnings 382,000 Beg SEBEPE (a) 98,000 10,600 87,400 (b) (c) (e) (d) (4) (0) 151.000 0 0 509,000 100,000 58.000 110,000 118,000+ 32,600 175,400 382,000