• Lilly Zhang started a new business on January 1, 2017 called Zhang Consulting. She develops financial investment plans for young adults. During the business’s first year of operations, the following activities occurred: a. Zhang invested $120,000 cash and office equipment valued at $10,000 in the business. b. Purchased a small building for $240,000 to be used as an office. Paid $50,000 in cash and signed a note payable promising to pay the balance over several years. c. Purchased $18,000 of office equipment for cash. d. Purchased $4,000 of office supplies and $6,400 of office equipment on credit. e. Paid a local online newspaper $4,500 cash for advertising an announcement that the office had opened. f. Completed a financial plan on credit and billed the client $6,000 for the service. g. Zhang withdrew $5,500 cash from the company bank account to pay personal expenses. h. Received $4,000 from the client described in (f).