Hood's Body shop began business as a corporation in 1998. Several transactions which occurred early in 1998 are described below. Required: 1. Prepare journal entries for the transactions below. ( 12 points) (a) February 1, 1998 - stockholders invested cash of $35,000 in the business and received 3,500 shares common stock as evidence of their ownership interest. (b) February 5, 1998 - equipment with a cost of $1,500 was purchased on credit; payment is due within 30 days. (c) February 10, 1998 - bills totaling $3,200 were presented to customers for body work and painting services completed; $1,700 was received in cash immediately; the balance of $1,500 is due within 10 days. (d) February 18, 1998 - payment of $1,500 was made for the equipment purchased on February 5. (e) February 20, 1998 - payment of $900 was received from customer with balances due from February 10. (f) February 28,1998 - employee salaries of $1,600 were paid. (g) February 28,1998 - $800 was paid for February building rent. (h) February 28, 1998 - Dividend of $0.50 was paid to each share of common stock. 2. What is the ending balance of Cash? (2 points) 3. What is the ending balance of Account Payable? (2 points)