It is August 2014. You and your best friend are avid golfers and outstanding scholars. Because of your academic prowess, your expenses for higher education were providedand you will each receive $25,000 from a long-lost relative (whom you did not know) that had saved for your education. After graduation, you and your friend decided to start a golf course operation. You find a suitable tract of land for a small 9-hole course. Your plan is to start small and use borrowed equipment. Your first season will run from January 1st through Jun 30th 2014. Over time, you hope to make the course a resort destination for Southwest Florida. Use the following summary of activities to prepare financial statements for the quarter.(There may be some specific accounting rules that address the following transactions; however our goal in this exercise is the big picture nature of how transactions affect the financial statements.)1. You each contribute $25,000 to start the venture.2. You purchase the land for $40,000 in cash.3. You buy $500 worth of golf balls from Golf Galaxy (on credit).4. Your fellow graduates play 550 rounds @$10 each (in cash).5. The FGCU foundation buys the course for a one day for a tournament. They promise to pay $3,000 in the future.6. During the season, you pay $2700 for salaries and utilities (in cash).7. You pay off $400 of the golf ball bill.8. You collect $1,000 from the foundation.9. The county decides they need a portion of your land for a road. You sell them a small parcel for $22,000 (in cash).10. You decide you had a great quarter and decide to declare and pay a $2,100 dividend.