The following events occurred for Favata Company:

1. Received $12,500 cash from owners and issued stock to them.
2. Borrowed $9,500 cash from a bank and signed a note due later this year.
3. Bought and received $1,050 of equipment on account.
4. Purchased land for $17,000; paid $1,500 in cash and signed a long-term note for $15,500.
5. Purchased $5,500 of equipment; paid $1,500 in cash and charged the rest on account.

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