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 6 transactions above:

Assets $ __________ Liabilities $ _________ Stockholders' Equity $ _________