Please be as detailed as possible, in terms of explanations.

Prepare any necessary journal entries for the Rectangle Corp. or indicate that no entry is required (NER). Rectangle uses a perpetual inventory system. Show any calculations. The company's fiscal yearend is December 31. Rectangle issued 10,000 shares of no-par common stock in exchange for cash of $35,000 and new equipment valued at $12,000. Rectangle sold merchandise to a customer, receiving $13,000 down payment and a $15,000 note from the customer. The merchandise cost $12,000. Rectangle paid $4,000 for merchandise which had been purchased earlier on account