January 1- Incorporated as Apache Motors Corporation. Issued 50,000 shares of $1 par value common stock to Susan Apache. Susan Apache purchased these shares with her Owners Equity in Apache Motors Company and cash of $265,950. (Hint: Zero out the owners capital account.) Issued $200,000 of 9%, 10 year bonds paying interest semiannually when the market rate of interest was 8% Interest paid on note payable January 5 - Issued 2,000 shares of no-par preferred stock, receiving cash of $100,000 January 12 Paid salaries of 1,600 from December 31, 2008. February 2 - Purchased 11,000 shares of Apache common stock for the treasury at $5 per share February 19 - A building in California was destroyed by a tornado. The building had a cost of $100,000, Accumulated Depreciation of $40,000, and insurance proceeds from the destruction were $50,000. This item is considered to be both unusual in nature and infrequent in occurrence. (Ignore tax savings until Adjustments!) March 1 - Sold 1,000 share of treasury stock for cash of $6.25 per share March 1 a) Purchased an office complex for $200,000 cash. It has a 20 year life and will have zero sal-vage value. b) Paid off the note payable of 12,480 (Ignore additional Interest). c) Obtained a delivery vehicle by signing a note payable for $50,000. The vehicle has a 5 year life with a $3,000 salvage value. March 31 - Sold merchandise for $700,000 (70% paid in cash, 30% on account). Cost of goods sold was $400,000. - Operating Expense were $170,000 with $160,000 of this amount paid. Apache uses a perpetual inventory system