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3 4 1 The following transactions occurred for Lantana Company during its first month of operations 2 and have been recorded in the T-accounts below. a. Received $50,000 cash from owners in exchange for common stock. 5 b. Purchased land for $20,000, paid $5,000 in cash and signed a 2-year note for the remainder. c. Bought $900 of supplies on account. 7 d. Purchased $10,000 of equipment, paying cash. e. Paid $500 on account for supplies purchased in transaction (c). 6 8 9 10 Cash 11 a Supplies 900 50.000 c. 5,000 10.000 500 b. d. 12 13 e. 14 bal 34.500 bal. 900 15 16 17 b. Land 20,000 d. Equipment 10,000 d. 18 19 bal. 20,000 bal. 10,000 20 21 Accounts Payable 500 Note Payable 22 e. 900 c C. 15,000 b. 400 bal 15,000 bal. 23 24 25 26 27 28 29 30 Common Stock 50,000 a 50.000 bal. LANTANA COMPANY Balance Sheet At December 31, 2016 Liabilities and Stockholders' Equity Current Liabilities Total Current Liabilities Long-term Liabilities 37 38 39 Assets 41 Current Assets 42 43 44 Total Current Assets 45 46 Long term Assets 47 48 49 Total Long-term Assets 50 51 52 53 54 55 56 57 Total Assets 58 Total Long-term Liabilities Total Liabilities Stockholders' Equity 0 Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 50