Questions 7k B refer to the following informationy X Company, a merchandiser, had the following transactions in August: 1. Borrowed 530,000 from a bank. 2. Bought equipment costing $9,800, paying the manufacturer $5,700 in cash and promising to pay the remaining $4,100 next month. 3. Paid utility expenses of 55,792 . 4. Purchased a $5,000, flve-year insurance policy, paying for two years in advance. 5. Paid back a previous loan for $3,010