East Hill Home Healthcare Services was organized on January $1,2022$ by four friends. Each organizer invested $$10,000$ in the company and, in turn, was issued $8,000$ shares. To date, they are the only shareholders. At the end of $2023,$ the accounting records feflected total assets of $$888,000($ $$74,000$ cash, $$580,000$ land, $$74,000$ equipment, and $$160,000$ buildings$),$ total liabilities of $$418,000($short$-$term notes payable of $$100,000$ and long$-$term notes payable of $$318,000),$ and shareholders' equity of $$470,000($$$100,000$ contributed capital and $$370,000$ retained earnings$).$ The following summarized events occurred during January $2024$ :

a$.$ Sold $9,000$ additional shares to the original organizers for a total of $$90,000$ cash.

b$.$ Purchased a building for $$56,000,$ equipment for $$14,000,$ and four acres of land for $$11,000$; paid $$6,000$ in cash and signed a note for the balance $($due in $15$ years$).($Hint: Five different accounts are affected.$)$

c$.$ Sold one acre of land acquired in $($b$)$ for $$3,500$ cash to another company.

d$.$ Purchased short$-$term investments for $$17,500$ cash.

e$.$ One shareholder reported to the company that he sold $600$ East Hill shares to another shareholder for $$6,000$ cash.

$f.$ Lent $$6,200$ to one of the shareholders for moving costs, receiving a signed six$-$month note from the shareholder.

Required:

Was East Hill Home Healthcare Services organized as a sole proprietorship, a partnership, or a corporation?

Sole proprietorship

Partnership

Corporation

During January $2024,$ the records of the company were inadequate. You were asked to prepare the summary of the preceding transactions. To develop a quick assessment of their economic effects on East Hill Home Healthcare Services. $($If a transaction does not require an entry, leave the cells blank. Enter any decreases to account balances with a minus sign.$)$

Answer is not complete.

$\backslash$table$[[,,$Assets,,,,,$=,$Liabilities,$+,$Shareholders' Equity$],[,$Cash,$\backslash$table$[[$Short$-$Term$],[$Investments$]],\backslash$table$[[$Notes$],[$Receivable$]],$Land,Buildings,Equipment,,$\backslash$table$[[$Short$-],[$Term$],[$Notes$],[$Payable$]],\backslash$table$[[$Long$-],[$Term$],[$Notes$],[$Payable$]],.,\backslash$table$[[$Contributed$],[$Capital$]],\backslash$table$[[$Retained$],[$Earnings$]]],[$Beg$.,74,000,,,580,000,160,000,74,000,=,100,000,318,000,+,100,000,370,000],[$a$.,62,000x,,,540,000,130,000x,62000x,=,110,000x,174,000x,+,100,000x,410,000$