Received $70,000 cash from the managers; each was issued 2,000 shares of common stock. Purchased equipment for use in the business at a cost of $15,000; one-fourth was paid in cash and the company signed a note for the balance (due in six months). Signed an agreement with a cleaning service to pay it $125 per week for cleaning the corporate offices, beginning next year. Conor Mulkeen borrowed $26,000 for personal use from a local bank, signing a one-year