Matt's Computer Service entered into the following transactions during Year $1$:

$1)$ Issued stock to investors for $$54,000$ cash

$2)$ Purchased land for $$40,500$ cash

$3)$ Performed services on account for $$60,000$

$4)$ Collected $$37,200$ from customers on account

$5)$ Paid $$24,000$ cash for operating expenses