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 Buildings $ 4,500 242,000 Cash 12,200 Common Stock 348,000 Equipment 25,500 Land 95,000 Notes Payable (long-term) 28,250 Retained Earnings 6,050 Supplies During the month of July, the company had the following activities: a. Issued 2,100 shares of common stock for $210,000 cash. b. Borrowed $53,000 cash from a local bank, payable in two years. c. Bought a building for $210,000; paid $59,000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $174,000. e. Purchased supplies for $16,000 on account. 3. Summarize the journal entry effects from part 2 using T-accounts. (TIP: Enter the July 1 balances as the month's beginning balances.)