Glenn Grimes is the founder and president of Heartland Construction, a real estate development venture. The business transactions during February while the company was being organized are listed as follows.

Feb.1Grimes and several others invested $700,000 cash in the business in exchange for 30,000 shares of capital stock.Feb.10The company purchased office facilities for $300,000, of which $100,000 was applicable to the land and $200,000 to the building. A cash payment of $60,000 was made and a note payable was issued for the balance of the purchase price.

Cash Land

Accounts Receivable Office Building

Office Supplies Notes Payable

Office Furnishings Accounts Payable

Computer Systems Capital Stock