Scott Company was organized on January 1, 2007, by 3 friends. Each organizer invested $50,000 in the company and, in turn, was issued 10,000 shares of stock. To date, they are the only stockholders. During the first month (January 2007), the company had the following five events: 1. Collected a total of $150,000 from the organizers and, in turn, issued the shares of stock. 2. Purchased a building for $55,000, equipment for $20,000, and three acres of land for $21,000; paid $15,000 in cash and signed a note for the balance, which is due to be paid in 15 years. 3. One stockholder reported to the company that 1,000 shares of her Scott's stock had been sold and transferred to another stockholder for $5,000 cash. 4. Purchased supplies for $2,000 on account with Net 30 Day terms. 5. Sold one acre of land for $7,000 to a third party, issuing a 9-month note on the sale. 1. Was Scott Company organized as a partnership or corporation? Explain the basis for your answer. 2. To develop a quick assessment of the economic effects of these transactions on Scott Company, you have decided to complete the spreadsheet that follows and to use proper debits and credits for each account. Reflect debits as a positive number and credits as a negative number. The first transaction is used as an example. Assets Liabilities Stockholder's Equity Cash Supplies Notes Receivable Land Building Equipment Notes Payable Contributed Capital Retained Earnings 150,000.00 (150,000.00)