Mayfair Compnay has the following information beginning December 1, 2013. Assets: cash 10,000, accounts receivable 15,000, inventory 3,000, note receivable 2,000, machinery & equipment (net) 15,000, building (net) 30,000, land 40,000, Goodwill 8,000. Total assets $123,000, Liabilities: Accounts Payable 10,000, bank loan 10,500, notes payable 9,500. Total liabilities 30,000. Shareholders equity: common stock 5,000, additional paid in capital 76,000, retained earnings 12,000. Total Shareholders Equity 93,000. Create a balance sheet for December 1, 2013. Post the following six transactions: purchased inventory on credit that cost 3,000. Issued common stock at par value in exchange for machinery & equipment valued at 12,000. The building was appraised at a value of 45,000 by a certified real estate appraiser. The note receivable of 2,000 was collected. 8,000 cash was paid to the outstanding accounts payable. Purchased land valued at $25,000, paying 3,000 in cash and signing a five-year note for the remaining amount.