J.K. Builders was incorporated on July 1 a. Received S79,000 cash invested by owners and issued common stock. b. Bought an unused field from a local farmer by paying $69,000 cash. As a construction site for smaller projects, it is estimated to be worth $74,000 to J.K. Builders c. A lumber supplier delivered lumber supplies to J.K. Builders for future use. The lumber supplies would have normally sold for $19,000, but the supplier gave J.K. Builders a 12 percent discount. J.K Builders has not yet received the $16,720 bill from the supplier. d. Borrowed $34,000 from the bank with a plan to use the funds to build a small workshop in August The loan must be repaid in two years. One of the owners sold $19,000 worth of his common stock to another shareholder for $20,000. e