Grady Service Company Inc. was organized by Chris Grady and five other investors. The following events occurred during the year: a. Received $70,200 cash from the investors; each was issued 1,560 shares. b. Purchased equipment for use in the business at a cost of $19,200; one- fourth was paid in cash, and the company signed a note for the balance, payable in six months. c. Signed an agreement with a cleaning service to pay it $360 per week for cleaning the corporate offices. d. Lent $4,100 to one of the investors, who signed a note due in six months. e. Issued shares to additional investors, who contributed $7,600 in cash and a lot of land valued at $16,600. f. Paid the amount of the note payable in (b). g. Chris Grady borrowed $11,600 for personal use from a local bank and signed a note payable in one year.