Sam, Kat and Pam organized the SKP Corporation on January 1, 2020. Each of these owners invested $30,000 cash and received shares of stock. Below are selected transactions that were completed during January. (A) Give the entry on SKP's books for each transaction: (1) Sold stock to the owners. (2) Borrowed $80,000 on one-year note payable. (3) Purchased land for $50,000 cash. (4) Purchased $4,000 of supplies on account. (5) Purchased three machines, $12,000 each; paid 40% down and signed a note for the remainder. (6) Used $3,000 of the supplies. (B) Complete the following based only on the transactions above: Assets $ Liabilities $ Stockholders' Equity $ A B I = SS * U S X x2 dul E 1 A. 1. 2. 3. 4. 5. 6. B. Assets $ Liabilities $ Stockholders' Equity $