Questions 5-7 (of 10) Save & Exit Submit The following information applies to the questions displayed belowJ Mulkeen Service Company, Inc. was incorporated by Conor Mulkeen and five other managers. The following activities occurred during the year: a. Received S50,000 cash from the managers; each was issued 1,400 shares of common stock. b. Purchased equipment for use in the business at a cost of $9,000; one-fourth was paid in cash and the company signed a note for the balance (due in slx months) c. Signed an agreement with a cleaning service to pay it $75 per week for cleaning the corporate offices beginning next year d. Conor Mulkeen borrowed $16,000 for personal use from a local bank, signing a one-year