On June 1, 2018, West Coast Farming Incorporated had the following transactions:

• Received $150,000 cash from the owner of the corporation (Derek Daniels)
• Purchased inventory for $15,000 with cash.
• Received a down payment of $8,000 for goods to be delivered in the future.
• Declared a dividend in the amount of $2,500 that will be paid in two months.
• Prepare the general journal entry to record the transactions for West Coast Farming Incorporated