Maxwell Communications was organized on December 1 of the current year and had the following account balances at December 31, listed in tabular form. Assets Liabilities Office Cash Equipment Building + $37,000 Land $95,000 Accounts - Notes Payable Payable Capital Stock $28,250 Balances $51,250 $125,000 $80,000 $200,000 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. Paid the $22,250 account payable due as of December 31 Required b. Record the effects of each of the five transactions. (Enter decreases to accounts as a negative.) rs Assets Liabilities Equity Capital Stock S 200,000 Notes Accounts Payable S 28,250 CashEquipment Building Land able December 31 balances$ 37,000 S 51,250 S 125,000 S 95,000 S 80,000 Balances 2. Balances 37,000 S 51,250 S 125,000 S 95,000 S 80,000 S 28,250 S 200,000 37,000 S 51,250 S 125,000 S 95,000 S 80,000 S 28,250 S 200,000 Balances 37,000 S 51,250 S 125,000 S 95,000 S 80,000 S 28,250 S 200,000 Balances 37,000 S 51,250 S 125,000 S 95,000 S 80,000 S 28,250 S 200,000 Balances S 37,000 S 51,250 S 125,000 S 95,000 S 80,000 S 28,250 S 200,000