Lisa Frees and Amelia Ellinger have been operating a catering business for several years. In March, the partners plan to expand by opening a retail sales shop. They have decided to form the business as a corporation called Traveling Gourmet, Inc. The following transactions occurred in March:

1. Received $86,000 cash from each of the two shareholders to form the corporation, in addition to $2,600 in accounts receivable, $6,500 in equipment, a van (equipment) appraised at a fair value of $14,200, and $1,500 in supplies. Gave the two owners each 620 shares of common stock with a par value of $1 per share.
2. Purchased a vacant store for sale in a good location for $420,000, making a $84,000 cash down payment and signing a 10-year mortgage note from a local bank for the rest.
3. Borrowed $56,000 from the local bank on a 10 percent, one-year note.
4. Purchased food and paper supplies costing $11,400 in March; paid cash.
5. Catered four parties in March for $4,800; $1,720 was billed and the rest was received in cash.
6. Sold food at the retail store for $17,200 cash; the food and paper supplies used cost $10,950. (Hint: Record the revenue effect separate from the expense effect.)
7. Received a $480 telephone bill for March to be paid in April.
8. Paid $423 in gas for the van in March.
9. Paid $7,480 in wages to employees who worked in March.
10. Paid a $360 dividend from the corporation to each owner.
11. Purchased $56,000 of equipment (refrigerated display cases, cabinets, tables, and chairs) and renovated and decorated the new store for $23,000 (added to the cost of the building); paid cash.

Please find the additional paid in capital please with explanation