Harrigan Service Company, Inc., was incorporated by lan Harrigan and five other managers. The following activities occurred during the year: a. Received $63,600 cash from the managers; each was issued 1,060 shares. b. Purchased equipment for use in the business at a cost of $24,000; one-fourth was paid in cash and the company signed a note for the balance (due in six months). c. Signed an agreement with a cleaning service to pay it $300 per week for cleaning the corporate offices, beginning next week. d. lan Harrigan borrowed $13,000 for personal use from a local bank, signing a one-year note.