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O'Brien Construction had the following business activities: 1. Stockholders invest $50,000 cash in the corporation. 2. O'Brien purchased $800 of office supplies on credit. 3.

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O'Brien Construction had the following business activities: 1. Stockholders invest $50,000 cash in the corporation. 2. O'Brien purchased $800 of office supplies on credit. 3. O'Brien purchased office equipment for $14,000, paying $5,000 in cash and signing a 30-day note payable for the remainder. 4. O'Brien paid $400 cash on account for office supplies purchased in transaction 2 5. O'Brien purchased two acres of land for $20,000, signing a 2- year note payable. 6. O'Brien sold one acre of land at one-half of the total cost of the two acres, receiving the full amount or $10,000 in cash. 7. O'Brien made a payment of $10,000 on its 2-year note. Required: Prepare journal entries for the above transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Record the entry for investment of $50,000 cash in the corporation by stockholders. A Record the entry for the purchase of supplies on credit for $800. B Record the entry for the purchase of office equipment for $14,000, paying $5,000 in cash and signing a 30-day note payable for the remainder. C Record the entry for the payment of $400 cash on account for office supplies purchased in transaction 2. D Record the entry for the purchase two acres of land for $20,000, signing a 2-year note payable. E Record the entry for the sale of one acre of land at one- half of the total cost of the two acres, receiving the full amount or $10,000 in cash. F Record the entry for the payment of $10,000 on the 2- G year

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