Fruity Farms was incorporated as a private company on January 1, 2017. The companys accounts included the following at January 31, 2017:

Accounts Payable	$	20,000	Land	$	100,000
Building		50,000	Notes Payable, due 2019		22,000
Bank Overdraft		9,000	Retained Earnings		74,000
Contributed Capital		75,000	Supplies		3,000
Equipment		47,000

During the month of February, the company had the following activities:

1. Paid a dividend to shareholders of $15,000.
2. Repaid $10,000 cash to a local bank.
3. Issued 500 shares for $50,000 cash.
4. Purchased equipment for $30,000, paying $3,000 in cash and signing a note due in six months for the balance.
5. Purchased supplies for $3,000 on account.

3. Summarize the journal entry effects from requirement 2 using T-accounts.