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: a. Received $99,000 cash from each of the two shareholders to form the corporation, In addition to $3,900 in accounts receivable, $9,100 In equipment, a van (equipment) appraised at a fair value of $16,800, and $2,150 In supplies. Gave the two owners each 880 shares of common stock with a par value of $1 per share. b. Purchased a vacant store for sale in a good location for $550,000, making a $110,000 cash down payment and signing a 10-year mortgage from a local bank for the rest. c. Borrowed $69,000 from the local bank on a 10 percent, one-year note. d. Purchased and used food and paper supplies costing $14,630 in March; paid cash. e. Catered four parties in March for $6,100; $1,980 was billed, and the rest was received in cash. f. Made and sold food at the retail store for $12,850 cash. g. Received a $610 telephone bill for March to be paid in April. h. Paid $553 in gas for the van in March. 1. Paid $10,080 in wages to employees who worked in March. J. Paid a $490 dividend from the corporation to each owner. k. Purchased $69,000 of equipment (refrigerated display cases, cabinets, tables, and chairs) and renovated and decorated the new store for $29,500 (added to the cost of the building); paid cash.