Required information

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Griffin Service Company, Inc., was organized by Bennett Griffin and five other investors. The following activities occurred during the year:

1. Received $79,000 cash from the six investors; each investor was issued 9,300 shares of common stock with a par value of $0.10 per share.
2. Purchased equipment for use in the business at a cost of $27,000; one-fourth was paid in cash and the company signed a note for the balance (due in six months).
3. Signed an agreement with a cleaning service to pay $210 per week for cleaning the corporate offices next year.
4. Received an additional contribution from investors who provided $3,900 in cash and land valued at $24,000 in exchange for 1,900 shares of stock in the company.
5. Lent $3,400 to one of the investors, who signed a note due in six months.
6. Bennett Griffin borrowed $7,900 for personal use from a local bank, signing a one-year note.

2. Using the balances in the T-accounts, fill in the following amounts for the accounting equation:

Answer is complete but not entirely correct.

Assets

$382selected answer incorrect

=

Liabilities

$177selected answer incorrect

+

Stockholders' Equity

$205selected answer incorrect