Mulkeen Service Company, Inc was incorporated by Conor Mulkeen and five other managers. The following activities occurred during the year a. Received $50,000 cash from the managers: each wos issued 1,400 shares of common stock. b. Purchased equipment for use in the business at a cost of $9.000: one-fourth was paid in cosh and the company signed a note for the balance (due in six months). c. Signed an agreement with a cleaning service to pay it $75 per week for cleaning the corporate offices, beginning next year d. Conor Mulkeen borrowed $16,000 for personal use from a local bank, signing a one-year note. value: 1.00 points Required 1. For each of the above transactions, record its effects in the appropriate T-accounts. Assume all beginning balances are zero. Cash Equipment Beg. Bal Beg Bal End. Bal End. Bal Note Payable Common Stock Bag. Eal End. Bal End. Bal 2. Using the balances in the T-accounts, fill in the following amounts for the accounting equation: Stockholders Equit abilities Hints References eBook & Resources Hint #1 Check my work value: 1.00 points 3-a. What will be your response to transaction (o)? O The agreement in (a) involves exchange of cash and services and thus is a transact O The agreement in (o) involves no exchange or receipt of cash, goods agreement in (o involves no exchange or redeiot of oash, goods. or services and thus is not yet a transaction 3-b. What will be your response to transaction (d)y? Transaction (d) occurs between the owners and others the separate entity assumption implies this transaction does not affeot the business Transaction (d) occurs between the company and others, so this transaction affeot the business