In a company the following transactions occurred between 01.01.2020 and 31.12.2020. 1. Issues 50,000 shares of $10 par value common stock at par value for cash. 2. Acquires land and building costing $225,000 with the payment of $50,000 cash and the assumption of a 20-year, 8- percent mortgage for the balance. 3. Purchases a used crane for $13,200 cash 4. Acquires raw materials costing $8,600 on account. 5. Returns defective raw materials purchased in (4) and costing $900 to the supplier. The account has not yet been paid. 6. Pays the supplier in (4) and (5) the amount due, less a 2-percent discount for prompt payment. The firm treats cash discount as a reduction in the acquisition cost of raw materials. 7. Obtains a fire insurance policy providing $500,000 coverage beginning next month. It pays the 1-year premium of $4,950. 8. Issues a check for $1,800 for 3 months rent in advance for office space. 9. Purchases a patent on a machine process for $90,000 cash. 10. Purchases office equipment for $2,700, making a down payment of $250 and agreeing to pay the balance in 30 days. 11. Pays $825 to Express Trucking Company for delivering the equipment purchased in (3). Please explain each of the 11 transactions and put them in the Accounting Equation. Develop a Balance Sheet, an Income Statement, Statement of Cash Flows and a Statement of Retained Earnings all to 31.12.2020. If information is missing use plausible estimates. Please come up with a story to the company, reflect on what they are doing and comment on their situation.