H The following transactions occurred for Lantana Company during its first month of operations 2 and have been recorded in the T-accounts below. 3 4 a. Received $50,000 cash from owners in exchange for common stock. 5 b. Purchased land for $20,000, paid $5,000 in cash and signed a 2-year note for the remainder. c. Bought $900 of supplies on account. 7 d. Purchased $10,000 of equipment, paying cash. 8 c. Paid $500 on account for supplies purchased in transaction (c). 6 9 10 11 a. Cash 50,000 b. c. Supplies 900 12 13 5,000 10,000 500 d. e. 14 bal. 34,500 bal 900 = = = = = = 15 16 Land 20,000 d . 17 b. 18 Equipment 10,000 19 bal 20,000 bal 10,000 20 Note Payable Accounts Payable 500 e. 900 c. 15,000 b. 400 bal. 15.000 bal. 5 5 Common Stock 7 50,000 a. 8 9 50.000 bal. 30 37 38 LANTANA COMPANY Balance Sheet At December 31, 2016 Liabilities and Stockholders' Equity Current Liabilities Total Current Liabilities Long-term Liabilities 39 40 Assets 41 Current Assets 42 43 44 Total Current Assets 45 46 Long-term Assets 47 48 49 Total Long-term Assets 50 51 52 53 54 55 56 57 Total Assets 58 59 Total Long-term Liabilities Total Liabilities Stockholders' Equity 0 Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity