Question 1 Tim Construction had the following business activities: 1. Stockholders invest $50,000 cash in the corporation. 2. Tim purchased $800 of office supplies on credit. 15 pts 3. Tim purchased office equipment for $14,000. paying $5,000 in cash and signing a 30-day note payable for the remainder. 4. Tim paid $400 cash on account for office supplies purchased in transaction 2. 5. Tim purchased two acres of land for $20,000, signing a 2-year note payable. 6. Tim 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. Tim made a payment of $10,000 on its 2-year note. Required: Prepare the journal entries that would be used to record the transactions. (Reference each journal entry to the transaction number, shown above).