Sparty Corporation has been operating for two years. The December 31, 2020, account balances are:

Cash	$230,000		Accounts Payable	$160,000
Accounts Receivable	100,000		Salaries Payable	60,000
Inventory	40,000		Notes Payable	190,000
Supplies	25,000		Contributed Capital	210,000
Equipment	180,000		Retained Earnings	160,000
Land	205,000

During the year 2021, the company had the below activities. Note that none of these activities should impact the income statement, only the balance sheet; we are assuming for simplicity that the company had no revenues or expenses during 2021. Accordingly, we are ignoring any interest associated with the Notes Payable.

1. Collected $15,000 cash on open accounts receivable from customers.
2. Received a $100,000 loan from the bank, payable in four years.
3. Bought additional inventory for $6,000 on account.
4. Ordered $10,000 of inventory from a supplier to be delivered next month.
5. Received $3,000 of supplies that were ordered last month but will not pay the invoice until the end of the year.
6. Paid off $40,000 of notes payable.
7. Purchased additional equipment costing $20,000; paying $5,000 in cash and signing a promissory note (i.e., a note payable) to pay the balance in two years.
8. Issued additional shares of stock, receiving $50,000 in cash from investors.
9. Purchased $40,000 of land with cash.
10. Paid off $30,000 of salaries owed from the prior year.

1. On a new worksheet, create T-accounts for each account, bringing in the beginning balances from the table you copied and pasted into Excel for #1 above. Be sure you have the balances on the correct side (i.e., debit versus credit) of the account. Note that you should have only one T-account for each account. (For example, you should have one T-account for Cash where all journal entries to the cash account are included).