OBrien Construction had the following business activities:

1. Stockholders invest $62,000 cash in the corporation.
2. O'Brien purchased $470 of office supplies on credit.
3. O'Brien purchased office equipment for $7,000, paying $4,100 in cash and signing a 30-day note payable for the remainder.
4. O'Brien paid $235 cash on account for office supplies purchased in transaction 2.
5. O'Brien purchased two acres of land for $21,000, 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 $10,500 in cash.
7. O'Brien made a payment of $10,500 on its 2-year note.

Prepare journal entries for the above transaction.

Record the entry for investment of $62,000 cash in the corporation by stockholders.

Record the entry for the purchase of supplies on credit for $470.

Record the entry for the purchase of office equipment for $7,000, paying $4,100 in cash and signing a 30-day note payable for the remainder.

Record the entry for the payment of $235 cash on account for office supplies purchased in transaction 2.

Record the entry for the purchase two acres of land for $21,000, signing a 2-year note payable.

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 $10,500 in cash.

Record the entry for the payment of $10,500 on its 2-year note.