Maxwell Communications was organized on December 1 of the current year and had the following account balances at December 31 listed in tabular form. Owhers' Equity Assets Office Equipment + Building $51,250 $125,000 Cash $37,600 Liabilities Accounts Notes Payable Payable $80,cee $28,250 + Balances Land 595,00 Capital Stock $200,680 Early in January, the following transactions were carried out by Maxwell Communications. 1. Sold capital stock to owners for $35,000. 2. Purchased land and a small office building for a total price of $90,000, of which $35,000 was the value of the land and $55,000 was the value of the building. Paid $22,500 in cash and signed a note payable for the remaining $67,500. 3. Bought several computer systems on credit for $9.500 (30-day open account 4. Obtained a loan from Capital Bank in the amount of $20,000. Signed a note payable. 5. Pald the $28,250 account payable due as of December 31, Required: b. Record the effects of each of the five transactions. (Enter decreases to accounts as a negative) Assets Cashi Equipment $ 51,250 Building $ 125,000 La bribes Notes Accounts Payable Payable $ 30,000 3 28.250 Land $ 95.000 Owners Equity Capital Stock $ 200,000 $ 37.000 337.000 $ 51.250 $ 125.000 $ 95,000 $ 30,000 $ 29 250 $ 200,000 537.000 3 61.250 $ 125.000 December 31 balances 1. Balances 2 Balances 3 Balances 4 Balances 5. Balance $ 95.000 500.000 $ 28.250 $ 200,000 537.000 $ 51.250 3 125.000 $ 95,000 $ 80,000 S 28.250 $ 200,000 3 37.000 3 1.250 $ 125.000 5 05.000 $ 80.000 $20.250 3 200.000 537000 5 81.250 5 125,000 5 98,000 300.000 528250 $ 200.000