In March 2009, Mary Tone organized a corporation to provide package delivery services. The com- pany, called Tone Deliveries, Inc., began operations immediately. Transactions during the month of March were as follows: Mar. 2 The corporation issued 40,000 shares of capital stock to Mary Tone in exchange for $80,000 cash. Mar. 4 Purchased a truck for $45,000. Made a $15,000 cash down payment and issued a note payable for the remaining balance. Mar. 5 Paid Sloan Properties $2,500 to rent office space for the month. Mar. 9 Billed customers $11,300 for services for the first half of March. Mar. 15 Paid $7,100 in salaries earned by employees during the first half of March. Mar. 19 Paid Bill's Auto $900 for maintenance and repair services on the company truck. Mar. 20 Collected $3,800 of the amounts billed to customers on March 9. Mar. 28 Billed customers $14,400 for services performed during the second half of the month. Mar. 30 Paid $7,500 in salaries earned by employees during the second half of the month. Mar. 30 Received an $830 bill from SY Petroleum for fuel purchased in March. The entire amount is due by April 15. Mar. 30 Declared a $1,200 dividend payable on April 30