Griffin Service Company, Incorporated, was organized by Bennett Griffin and five other investors $($that is$,$ six in total$).$ The following activities occurred during the year:

Received $$70,000$ cash from the six investors; each investor was issued $8,400$ shares of common stock with a par value of $$0\mathrm{.}10$ per share.

Signed a five$-$year lease for $$150,000$ for the right to use a building each year.

Purchased equipment for use in the business at a cost of $$18,000$; one$-$fourth was paid in cash and the company signed a note for the balance $($due in six months$).$

Signed an agreement with a cleaning service to pay $$120$ per week for cleaning the corporate offices next year.

Received an additional contribution from investors who provided $$3,000$ in cash and land valued at $$15,000$ in exchange for $1,000$ shares of stock in the company.

Lent $$2,500$ to one of the investors, who signed a note due in six months.

Bennett Griffin borrowed $$7,000$ for personal use from a local bank, signing a one$-$year note.