Required information [The following information applies to the questions displayed below.] Athletic Performance Company (APC) was incorporated as a private company. The company's accounts included the following at July 1: Accounts Payable $ 4,000 Buildings 200,000 Cash 16,000 Common Stock 308,000 Equipment 18,000 Land 90,000 Notes Payable (long-term) 17,000 Retained Earnings 0 Supplies 5,000 During the month of July, the company had the following activities: a. Issued 2,000 shares of common stock for $200,000 cash. b. Borrowed $30,000 cash from a local bank, payable in two years. c. Bought a building for $141,000; paid $41,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $100,000. e. Purchased supplies for $10,000 on account. 8. Summarize the journal entry effects from part 2 using T-accounts. (TIP: Enter the July 1 balances as the month's beginning balances.)