James Mayaguez engaged in the following activities in establishing his photography studio, Picture This!: 1. Opened a bank account in the name of Picture This! and deposited $8,000 of his own money into this account in exchange for common stock. 2. Purchased photography supplies at a total cost of $1,600. The business paid $300 in cash and the balance is on account. 3. Obtained estimates on the cost of photography equipment from three different manufacturers.